A warehouse with a revealing past is a dream conversion waiting to happen.
The former home of George’s Lingerie at 283-291 Gilbert Rd, West Prestonis up for grabs with price hopes of at least $2 million.
Starting out the back of George Avtzoglou’s home in Fairfield 30 years ago before moving to the site up for sale, George’s Lingerie was the place to get your socks and undies.
But — with George’s retirement — the lingerie manufacturer and wholesaler closed in 2018.
Now on the market, the laid-bare warehouse is yours to dress up into an ultimate dream pad.
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A rags to riches story, CoreLogic data shows theproperty last sold for $280,000 in 1996.
Now, Langwell Harper’s Arthur Korf expects the warehouse will draw at least $2 million.
“There was a lot of energy in the building when George was there,” Mr Korf said.
“It is a great warehouse so we would like to see it reach its potential.”
At 930sq m, the currently vacated property is full of frills. It has laneways running around it, ample carparking at the rear and stands at five storeys.
A blank canvas, there is an opportunity to transform it into a spectacular home, commercial property or a mixed space.
And, at 10km away from the CBD, its West Preston location is no longer a sleeper.
Mr Korf said the area has gone from bridesmaid to neighbouring Northcote and Thornbury, to a bona fide sought-after suburb.
“West Preston has come a long way over the last 30 years and is now a premier inner northern pocket,” Mr Korf said.
“While there are industrial properties in Reservoir and towards the end of Gilbert Rd, this is a rare warehouse in that it is surrounded by quality homes.”
“There aren’t a lot of comparable buildings in the immediate vicinity.”
As for George, Mr Korf said that he was enjoying a well-earned retirement.
“Basically he travels,” Mr Korf said.
“He has downsized into a lovely development that he oversaw in Station St, Fairfield where he lives with family.”
“But once an auction date for the warehouse is put in place, it will be full steam ahead.”
— Aron Lewin
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