A local developer has snapped up a heritage art gallery in Fitzroy on Melbourne's city fringe for $5.1 million.

The property at 11 Brunswick Street, Fitzroy, borders St Vincent’s Hospital – which is set to undergo a $60 million redevelopment – and was transacted by CBRE’s Healthcare & Social Infrastructure and City Sales & Development Sites teams. 

CBRE’s Josh Twelftree, David Minty, Jimmy Tat, Sandro Peluso and Dylan Kylner steered the competitive expressions of interest campaign, which garnered substantial interest and multiple offers from both developers and healthcare owner-occupiers.

At a glance:

• A heritage art gallery at 11 Brunswick Street, Fitzroy has been sold to a local developer for $5.1 million.
• Being offered with vacant possession, the site is currently occupied by Alcaston Gallery – one of Melbourne’s leading contemporary art galleries. 
• An expressions of interest campaign for the property was conducted by CBRE’s Josh Twelftree, David Minty, Jimmy Tat, Sandro Peluso and Dylan Kylner.

Mr Twelftree said owner-occupiers in the healthcare sector and residential developers made up a significant portion of the interest throughout the campaign.

“Given the 11-level redevelopment of St Vincent’s, the property offers a strong incentive for ancillary usages,” he said. 

Mr Minty said the property's standout heritage facade made it one of of the most attractive buildings in the CBD.

“Given the flexibility of the seven-level Development Approval behind the façade, the opportunity resonated with a variety of end users,” he said.  

Being offered with vacant possession, the site is currently occupied by Alcaston Gallery – one of Melbourne’s leading contemporary art galleries. 

Established in 1989, the gallery features a national and international exhibition schedule and represents contemporary artists from Australia and the Asia Pacific Region.

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