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Warehouse conversions

Discussion in 'Development' started by AdamPineapples, 21st Dec, 2015.

  1. AdamPineapples

    AdamPineapples Well-Known Member

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    I was looking at some warehouse conversations awhile ago.

    Staying the obvious here: but people would convert old warehouses into apartments and obviously 'flip' then for a profit.
    Doesn't necessarily have to be a warehouse but, the 'Blocktagon' is a good example (even though I don't like that show much).

    Was wondering if anyone had any experience or success with this? Keen to share your stories? Or maybe someone you know has done it?
     
  2. thatbum

    thatbum Well-Known Member

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    Is the Blocktagon really a good example? I'm skeptical that they even made a profit, let alone one that made it worthwhile for the risk.

    This is putting aside the tv production side of things of course.
     
  3. AdamPineapples

    AdamPineapples Well-Known Member

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    Yeah trust me I don't like those 'reality' shows.
    All pre determined blah blah

    I just liked what they did. It was an old hotel, probably didn't turn a profit, but a majority of what they did looked good.

    Theirs heaps of other factories that have been converted. A few are in Collingwood Melbourne I think.

    From what I've read, if done right they can turn a pretty nice profit. They have character and are architecturally pleasuring. So when some do pop up they get scooped up pretty quickly and pay a big premium on them.
     
  4. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Shows like the block have made it almost impossible to get a good one at a decent price as everyone want to do it up and flip it but yes it has been possible to do it.

    Church conversions are also rather cool.
     
  5. AdamPineapples

    AdamPineapples Well-Known Member

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    Wow really church conversions? I'd imagine Christians/Catholics wouldn't be to happy with that? Haha

    Come to think of it I've never seen a church up for sale?
     
  6. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    @AdamPineapples you have been living a sheltered life! Churches come up for sale as congregations get smaller and can't be self sustaining. They may merge with a neighbouring suburb church in these cases. Beautiful old churches are generally heritage listed but make beautiful conversions.

    I think you're in Melbourne? In Melbourne there are a number of funky conversions.

    Check out 124 Napier St, Fitzroy
    124 Napier Street Fitzroy Vic 3065 - Apartment for Sale #121538030 - realestate.com.au
    14/124 Napier Street Fitzroy Vic 3065 - Apartment for Sale #120193529 - realestate.com.au

    Other sold ones
    Sold Price for 696 Brunswick Street North Fitzroy North Vic 3068
    Sold Price for 2/41 Park Road Middle Park Vic 3206
    Sold Price for 135 Richardson Street Middle Park Vic 3206
    Sold Price for 75 Mills Street Middle Park Vic 3206
    Sold Price for 16/359 Rathdowne Street Carlton Vic 3053
    CHECK THIS ONE OUT Sold Price for 2/131 Hotham Street East Melbourne Vic 3002
    Sold Price for 278 Gore Street Fitzroy Vic 3065
     
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  7. Perthguy

    Perthguy Well-Known Member

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  8. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    @thatbum on here bought a church in a country town in WA.
     
  9. thatbum

    thatbum Well-Known Member

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    Haha yeah I may have done that.

    Wickepin Church Conversion

    I really need to progress it - been a bit slack the last couple of months.

    While a fun personal project - I'm not expecting to make any money.
     
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  10. headsonbeds

    headsonbeds Well-Known Member

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    I've heard of a few small warehouses being done in Brisane and none have been that great financially. The costs where higher than expected, zoning was an issue and the market for resale was small. The larger format may be a different story but DD would be essential.
     
  11. Graeme

    Graeme Well-Known Member

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    Westminster likes this.