340-342 High Street, Northcote is being marketed with $5m expectations.
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.
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Clint Bartram: Ex-Demon’s Northcote development site sold by lenders
Clint Bartram: Former Demon’s Northcote development site for sale
Bartram said financiers Australian Unity were obliged to list the property for procedural reasons and there was “no animosity” over their decision. He was now seeking to refinance the project and would resume building the site if successful.
However, he questioned the $5m price indicated by listing agents Gray Johnson.
“We have had two sworn valuations done at $6.3m as of two weeks ago,” Bartram said.
Renders of the proposed four-storey redevelopment show what had been planned.
Bartram in his playing days.
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 $8m, with apartments believed to have sold between $750,000 and $1.8m.
Gray Johnson director Matt Hoath said the 1050sq m listing had a rear entrance from Balgonie Place and an enviable location in Northcote’s “central heartland”, and indicated he believed it would sell for about $5m.
“It’s a fantastic building,” Mr Hoath said.
“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.”
Bartram said the residences had been in demand.
Expressions of interest for the property close on August 27.
CoreLogic records show it was purchased for $3.75m in 2016, with Bartram making the buy at the helm of TRES Property/1888 Northcote.
The Simpson Street property sold for more than $3.3m to a developer in May, though Bartram’s development firm, Corner Northcote Pty Ltd, acquired it for $4.1m last year.
The 43-47 Simpson St, Northcote property sold earlier this year.
Bartram said he received sworn valuations on that site at $4.25m 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.
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