Ex-Demon’s old Northcote bank in another mortgagee sale
A second Northcote development site linked to former Melbourne footballer Clint Bartram is being sold under mortgagee instruction.
Bartram turned to life as a developer in 2012 after a 103-game AFL career as a defender and tagger with the Demons.
But his plans to develop the 340-342 High Street site, and another Northcote project at 43-47 Simpson Street, hit a snag after the builder assigned to the projects went broke as a result of COVID-19.
Bartram says financiers Australian Unity are obliged to list the property for procedural reasons and there was “no animosity” over their decision. He is now seeking to refinance the project and will resume building the site if successful.
However, he questioned the $5 million price indicated by listing agents Gray Johnson.
Renders of the proposed four-storey redevelopment show what had been planned.
Ex-Dee Clint Bartram turned to development after hanging up the boots.
“We have had two sworn valuations done at $6.3 million as of two weeks ago,” Bartram says.
The High Street property — originally the London Chartered Bank of Australia — comes complete with permits for 23 apartments and four commercial spaces.
Bartram previously told the Sunday Herald Sun he looked forward to protecting the site’s heritage as he developed it as 1888 Northcote, in honour of the 1880s built high Italian Renaissance-style building.
A smaller, neighbouring building included in the listing is being sold as a retail space.
The redevelopment was planned to blend old and new inside the one-time bank.
The development began construction prior to the builder going bust, and had been expected to total more than $8 million, with apartments believed to have sold between $750,000 and $1.8 million.
Gray Johnson director Matt Hoath says the 1050sqm listing has a rear entrance from Balgonie Place and an enviable location in Northcote’s “central heartland”, and indicates he believes it will sell for about $5 million.
“It’s a fantastic building,” Hoath says.
Bartram says the residences have been in demand.
“A developer who is proud of their work will certainly be attracted to this one. It will likely be someone who wants to deliver good owner-occupier product.”
Expressions of interest for the property close on August 27.
CoreLogic records show it was purchased for $3.75 million in 2016, with Bartram making the buy at the helm of TRES Property/1888 Northcote.
The Simpson Street property sold for more than $3.3 million to a developer in May, though Bartram’s development firm, Corner Northcote Pty Ltd, acquired it for $4.1 million last year.
The 43-47 Simpson St, Northcote property sold earlier this year.
Bartram says he received sworn valuations on that site at $4.25 million at the end of March, and had also hoped to refinance that project.
He has previously disclosed he bought four Northcote sites for development, though has not revealed the addresses of the remaining two sites.
– with Jayitri Smiles
This article from The Herald Sun originally appeared as “Clint Bartram: Northcote bank and development site listed”.
