A joint venture between Ivanhoé Cambridge, Irongate Group and private construction and development group Built will acquire the 1.57-hectare Younghusband Woolstores development site in Kensington, Melbourne.

Younghusband is a heritage-listed site with planning approvals in place for a multi-stage infill precinct comprising up to 56,000 square metres of grade A office and retail space targeting best-in-class sustainability ratings.

Stage 1 involves the adaptive re-use of the existing heritage redbrick Woolstores into an approximately 17,600-square-metre state-of-the-art office and retail precinct. The adjoining stage 2, which was approved by council in January 2022, involves the development of a new premium-grade eight-level office building of about 16,000 square metres with ground-floor retail connections between the two stages. Once the first two stages are successfully delivered, stage 3 of the development will complete the office and retail precinct. Upon acquisiti