IIG Enters Next Stage of Younghusband Woolstore Project

Impact Investment Group is entering the next stage of the Younghusband Woolstore development following its approval at the Future Melbourne Committee meeting.

The project, at 2-50 Elizabeth Street, Kensington, north-west of Melbourne’s CBD, will convert sawtooth-roofed, red-brick warehouses built in 1906 into office space.

The City of Melbourne approved stage two of the project, subject to conditions, within the Arden-Macaulay area, next to the Allied Mills silos and Craigieburn train line.

Stage two included the “silo-inspired” design of an eight-storey building, a modern addition to the woolstore to take it to six-storeys and the creation of two basement levels for 178 cars and 170 bicycles as well as a pedestrian thoroughfare.

This stage of the project is expected to cost $87 million.

Woods Bagot designed the plans, which call for developing a 3931sq m portion of the site including the partial demolition of the Tallow Store and complete demolition of a 1950s building.

The plans create 14,660sq m of office space, 353sq m of retail, 489sq m of food and drink premises as well as 504sq m of manufacturing sales.

IIG purchased the 15,754sq m site in late 2016 for $30.25 million and gained approval for stage one of the Younghusband Woolstore project in 2018. Construction began in 2020.

There are six stages to the project, creating a target net leasable area of more than 50,000sq m with a focus on sustainability.

The next stage, at 2-12 Barnett Street, will be turned into a temporary carpark and storage area to support stage one and two until it is turned into a public park, childcare, education and office space.

Kensington is undergoing rapid redevelopment, transforming the region including offices and build-to-rent mid-rise projects.