In this suburb you can live out your small business dreams or convert the space into trendy townhouses – the (warehouse) floor is literally yours.
It’s been a boot factory, saddlery and startup warehouse, and now 24 Groom Street in Clifton Hill is ready to step into a new chapter, listed for sale with Jeremy Gruzewski and Angus Parnham of Aston Commercial Melbourne.
The warehouse suits a variety of buyers. Picture: realcommercial.com.au
Leafy, yet urban, Clifton Hill may not have the hip name cachet of Fitzroy or Collingwood, but according to Mr Parnham, that plays into its strengths as an emerging city-fringe location.
“It’s a really exciting suburb and there’s not a lot of office space here,” he said.
“You have the character of the inner-north such as Collingwood; there are a lot of warehouses that tend to be converted into townhouses, but not a lot of office space – so this is a unique offering.”
As to whom this space would suit, Mr Parnham said it suits creative types – the current vendors work in the fashion industry.
“This is a very flexible offering with some shorter-term leases in place; there’s a lot of character in the building, but it also has a strong [rental] return,” he said.
Two levels are currently leased delivering $266,000-plus net income, with potential to reach over $400,000 if all floors were fully leased.
The character-packed premises started life in the early 1900s as a shoe and boot manufacturer under Charles Trescowthick, whose leather business acumen dated back to the 1890s, employing 250 people.
Trescowthick died in the 1940s and Alphington Grammar School is now on the site of his former residence.
Later, 24 Groom Street played host to the Commonwealth Government Harness Factory, making saddles for mounted troops heading to the frontlines of the First World War.
The warehouse exudes charm, and you can still smell the original timber stairs and brickwork. It’s right next to loved hideaway spot, Uncle Drew Café, for morning brews while dreaming up the next big idea.
The exposed brick and original wooden staircase exude charm. Picture: realcommercial.com.au
It feels a world away from busy roads, yet the Eastern Freeway is right there for easy access to and from the city. It’s also about 800m to Clifton Hill Station, and roughly 11 minutes to Flinders Street Station on the Hurstbridge Line.
Mr Parnham said it could suit a small business owner looking to live, work, and play in the same area.
“So, whether it’s a pure investor play, or someone like the current owners who would look to occupy a couple of floors and bring their own business in – there are a lot of potential buyers it could suit,” he said.
“We’re surrounded by a lot of residential spaces – there’s a lot of beautiful cafes in the area, so whether it’s a business or someone who’s looking to move in, it really caters to both buyers.”
The warehouse offers three levels, each with a distinct vibe – you can take the stairs or make use of the passenger and goods lifts. The top floor is decked out as a penthouse with views to the city.
The body corporate is established for a shared driveway with the rear building, as well as allowing access to seven car spaces and the goods lift. The building is designated mixed-use.
For those looking at a potential townhouse conversion, PropTrack data indicates the median home price for Clifton Hill, as of December 2025, was over $1.6 million, representing 8.3% growth over the preceding 12 months.
Median residential rent is $873 per week, representing 9.1% annual growth.