Collingwood malt silo development hops to it

Collingwood is no longer a centre of factories and manufacturing, but its industrial past is attracting Melbourne buyers in a new development.

The Islington Silos, a conversion of heritage-listed grain silos that used to serve the James Hood & Co malt house, have been popular with Melburnians, with all 21 apartments selling off the plan within three months of their pre-sales launch in April. The neighbouring warehouse is being converted into 27 apartments, and all but five of these have sold as well.

The silo apartments, which are all three bedrooms and 130 square metres, have curved exterior walls from their previous life. Melbourne Real Estate agent Steven Marks, who is marketing the properties along with Georgina Mellick and Peter Hooymans from the same agency, says the point of difference was a “key selling point”.

The 130-square-metre silo apartments ranged in price from $825,000 to $1.35 million for the penthouses.

The warehouse comprises 20 two-bedroom apartments, which range in size from 66 to 80 square metres, and seven one-bedroom units. Prices for the warehouse units range from $525,000 to $680,000.

Marks says the warehouse apartments maintain their heritage façade, and the complex’s history and unique design have appealed to buyers. James Hood & Co built the silos in 1878, and Hood & Co supplied malt to local breweries including the Victoria Brewery.

The silo apartments are all fitted with state-of-the-art kitchen gadgetry from Italian homewares designer Bontempi, and bathrooms come with Rogerseller fittings and fixtures.

Marks says the buyers have been well-heeled Melburnian owner-occupiers, with an average sale price for the silo apartments of $1 million.

“They appeal to the more sophisticated buyer,” Marks says. “They have hardwood floors, really nice fit-outs – that was well received on the marketplace.”

Developer Blue Earth Group is undertaking the $35 million project, which is expected to be finished in October 2012.