Little Projects Make It Big

Market Insights
8 years ago
2 minutes

Little Projects has this month sold two significant sites in Melbourne’s St Kilda and Sydney’s Camperdown for $2.9m and $5.75m respectively.

Burgess Rawson auctioned the St Kilda site, which included two shopfronts at 161 and 161A Fitzroy St, on 5 August 2015. They were sold to local private investors. The shops are securely leased to Anytime Fitness and Scout House, with annual rent reviews.

They sit beneath Little Projects’ Halo site, which sold out prior to completion in March 2013, and features 157 apartments within a striking ten level design by Ascui Edwards Architects.

In Sydney, Little Projects purchased the Camperdown property, which housed the Dairy Bell Ice Cream Factory, in August 2014 for $4.3m. The transaction was part of a deal that saw the developer simultaneously acquire a prime former Dairy Bell manufacturing site in Melbourne’s Malvern East. The Camperdown site was never core to Little Projects’ proposition, hence the decision to sell.

Little Projects will soon be transforming the Malvern East site into a six-storey residential community with 154 apartments, but appointed Savills to on-sell the Camperdown site, located at 44-50 Australia Street.

As well as the existing two-storey concrete and brick factory, which has a floor area of 1262sq m, the 892sq m parcel with four titles has north-eastern rear frontage to Gibbens Lane and south-western frontage to Australia Street.

According to marketing agent Neil Cooke, the building has residential development or conversion potential (STCA) and an enviable location near local universities and Sydney’s CBD.

“Having been the home of Dairy Bell for more than 40 years, this is a truly iconic art deco warehouse with great potential,” Mr Cooke said.

The property was on the market for $5m, during the 11 August 2015 auction, before selling for $5.75m.

Little Projects Managing Director Michael Fox said he was pleased with the sales results in Sydney and Melbourne.

“Little Projects decided to offload the Camperdown and St Kilda sites so that we could focus on our upcoming projects in Richmond, Malvern East and South Wharf,” Mr Fox said.

“We’re thrilled with the results and are grateful for the efforts of the Burgess Rawson and Savills teams.” 

Little Projects recently launched its latest development, The Elfin, in Melbourne's South Yarra.