Abbotsford: Historic Schweppes warehouse built in 1886 hits the market
The warehouse at 35-45 Lithgow St, Abbotsford is now up for grabs.
The historic Abbotsford home of Schweppes’ beverages has hit the market and despite expectations it could sell for as much as $20m, it’s still expected to be a sweet deal.
The 35-45 Lithgow St factory was built in 1886 by Jacob Schweppe and used as the hub of the cordial empire for several decades — though the beverage company, which is the manufacturer of Pepsi, Sunkist and Gatorade, is now based in Tullamarine.
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For the past 50 years it has been used as the headquarters of the James Richardson Group, best known for their furniture and JR Duty Free divisions the latter of which was sold in 2018.
The firm’s manager of property James Aldred said while they had been proud custodians of the site, its future was likely in redevelopment and would need a new owner to help “realise the property’s full potential”.
A chimney stack and the building’s facade are heritage protected, but no original Schweppes signage remains — raising the prospect it could be substantially developed as a future apartment or housing site.
The warehouse is in a prime spot in Abbotsford.
JLL and Teska Carson are handling the sale, with JRR’s Josh Rutman saying they were already fielding interest from groups looking at it as a hospitality or office space in the short term — though the longer-term view was “more along the lines of residential development”.
“It’s a gentrifying area, and when you are surround by Kew and Collingwood — the writing is on the wall, in a good way,” Mr Rutman said.
In nearby Trenery Cres, the former Australian Education Union building was recently sold by Melbourne’s prominent Zagame family to Harry the Hirer — whose owner, Rick Jamieson, is better known as the breeder of legendary mare Black Caviar.
Inside the property.
Mr Rutman isn’t ruling out the prospect another high-profile Melburnian could make a move on this address.
“In those surrounding suburbs there’s plenty of affluent people nearby and they could easily acquire an asset of this size and nature,” he said.
Mr Rutman added that while he was expecting interest from at least $16m, the site was the biggest mixed-use zoned address in Abbotsford and could go for as much as $20m.
The agent added that a permit could be sorted in as little as 18-20 months, and a housing shortage in Melbourne would likely provide strong interest in homes at the site.
Teska Carson’s Michael Taylor the building would provide a wide cross-section of buyers “opportunity to create something special”.
Abbotsford is now a thriving neighbourhood.
“Redevelopment in the form of an exciting new Melbourne destination and subdivision of the Mixed Use site would also present a number of options to developers,’’ Mr Taylor said.
The property is close to the Yarra Trail, popular eateries and shopping spots as well as transport options.
Expressions of interest in the property close at 2pm on March 8.
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