Home of Brunswick East tailors to stitch up sale
Buyers have been pulling up their sleeves at Carbone Master Tailors for decades.
Now, the 618sqm Greek revival-style building at 297 Lygon St, Brunswick East is appealing to a different set of suitors after being listed for sale.
The property is zoned commercially with potential to be developed up to five levels subject to council approval.
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It has a $75,712 per annum return locked in to September 2020 and is poised to sell for more than $2.5 million.
Fitzroys agent Mark Talbot says the property is situated in one of Melbourne’s fastest growing development corridors.
The property is currently leased to Carbone Master Tailors.
“The site is really well known in the area and suited to an investor, developer or owner occupier,” Talbot says.
“After September 2020, the buyer has the flexibility to decide what they want to do with the property.
“They have time to think about it.”
The property, which was formerly the Perfection Knitting Mills, has been owned by the one family since at least 1979.
Talbot says the vendors, who are based interstate, are looking for a change.
“The buyer would have to retain the great facade, but could develop on and behind it,” Talbot says.
An opportunity to invest in the Brunswick East end of Lygon St.
“The zoning allows for a mix of residential development and commercial use downstairs.
“The residential development would have to be in line with the streetscape.”
The property has rear access via Ann, Albert and Trafford streets plus 16.85m of street frontage.
It will head under the hammer on May 30.
This article from Leader Newspapers originally appeared as “Iconic Brunswick East tailors suited to range of buyers”.
