The Impact Investment Group (IIG) has announced two major tenants for its Younghusband Woolstores development in Kensington, Victoria.
Rendering of Younghusband Woolstores development
(Image provided by Impact Investment Group)
The Federal Government Department of Agriculture, Water & the Environment (DAWE), and ClarkeHopkinsClarke Architects have signed on as tenants, which Impact Investment Group calls “votes of confidence in the future of the precinct as an employment hub, and in Impact Investment Group as a developer of choice for premium, sustainable office accommodation.”
Impact Investment Group are targeting carbon and water neutrality through the three-stage redevelopment project of Younghusband. The first stage of the development is an upgrade to the heritage wool store, providing a total lettable area target above 17,800 sqm, split across commercial, co-working, retail and hospitality.
The project will retain and protect Younghusband’s existing structures, highlighting Younghusband’s 19th century red brick, timber and iron, and adding modern energy and water efficient building systems, IIG said. The sawtooth roof will be fitted with solar panels and rainwater capture systems.
“The Department and ClarkeHopkinsClarke came to Younghusband, attracted by its unique combination of sustainability, a stunning building, fantastic A-grade workspaces and Kensington’s urban-village character,” said Darren Brusnahan, IIG’s head of real estate funds management. We greatly admire the architectural work of ClarkeHopkinsClarke and the culture of their business: social and environmental impact is at the core of their work.”
The Commonwealth Department of Agriculture, Water and Environment have agreed to lease almost 4,400 sqm of office space, bringing together 400 staff from three sites across Melbourne. ClarkeHopkinsClarke Architects, a multi-disciplinary design practice with a 60 year history of community architecture, has agreed to lease a further 2,700 sqm, moving around 150 staff from Collingwood.
Younghusband is retaining key existing creative industries and light manufacturing tenants who have previously occupied the building, Fox Darkroom and Gallery, Ironside Studios, and Clik Collective – a co-warehousing group that hosts toy makers, flower-delivery services, and sustainable clothing retailers.
The Younghusband Precinct covers three properties in Kensington. The overall project will be run in three phases, with Stage 1, the wool store rejuvenation, targeting completion by mid-2021.
The later stages, including new green buildings, public spaces, and heritage rejuvenations have a target completion date of 2025, IIG group said.
A syndicate of investors, led by Impact Investment Group, bought the properties in 2016 for $30.3 million.
The site was rezoned to Commercial Zone-2 in 2017, and the development permit for Stage 1 was issued in 2018. The target valuation on completion of all three phases is above $500 million, with a target NLA above 50,000 sqm.
IIG is using the One Planet Living framework to “manage its environmental and social targets, including carbon and water neutrality, a zero-waste program and a vibrant creative community within an inclusive, equitable and healthy place to work and visit,” IIG said.
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