The real estate arm of investment house BRC Capital has swooped on a large site in inner-city Melbourne, with the potential to create a $600 million mixed-use development in a precinct earmarked for health and biomedical innovation.
BRC’s portfolio includes 3DMEDiTech, which produces personalised medical devices, such as COVID-19 testing kits, through 3D printing andLed by founder Paul Docherty, BRC will bring that pedigree with it as an early mover into one of the country’s largest inner-city urban renewal zones, which is taking shape in North Melbourne.
“It makes for a very symbiotic relationship for ourselves and what the Victorian government is trying to do with that whole area,” Mr Docherty told“We are trying to take more control of our destiny in regards to the facilities that we build which are, by definition, reasonably expensive. BRC’s move on the site was 12 months in the making and the investment house will spend more time working its plans for a mixed use project, which will include housing and retail, as well as the commercial space it needs.In a deal brokered by Colliers’ Trent Hobart and Robert Papaleo, the site was sold by luxury car dealer Nick Theodossi, who also owns a second property, the showroom itself, just opposite. Mr Theodossi says he intends staying in the current showroom for the long term.