As the Nicholas Building Anxiously Awaits Its Fate, an Exciting Vision for Its Future Is Revealed

A new rooftop pavilion – with public green space and state-of-the-art solar technology – has been proposed for Melbourne’s iconic (and up for sale) Nicholas Building. Revealed today, the plan seeks to bring the creative colony into a new era while ensuring it retains its hallmark eclecticism and independent edge.

Bringing together the aspirations of the Nicholas Building Association (NBA) and its prospective buyers – the social-impact investment firm Forza Capital – the plan would see a vibrant new space crown the nearly 100-year-old building.

The in-depth proposal also includes plans to refurbish the heritage-listed building, while adding new functions that will enrich the long-thriving creative community. As well as the rooftop pavilion, Forza says that a performance space, hospitality venues and homes for some of the city’s foremost cultural services and festival organisations are on the cards.

“Keeping its character but elevating it – that is our mission” NBA spokesperson Dario Vacirca tells Broadsheet. “We’ve got the plan, and it’s actually really simple to do, it just requires the state government’s support.”

With the due diligence period coming to an end last week, the building is now back on the open market. In order to officially make its bid, Forza needs confirmation of state government support – over 15 years – to prop up its investment and cover the $15 million to $20 million gap in returns that would arise from keeping rents “reasonable” for the building’s diverse community of more than 100 artisans and creatives, Vacirca says.

“Forza Capital is excited about the opportunity to provide capital towards the purchase, restoration and upgrade of the Nicholas Building,” the company’s director, Ashley Wain, said in a statement.

“This is a globally significant collection of artisans and will be lost forever without the assistance of both government and the private sector … The transaction requires an investment commitment from local and state government to provide financial assistance to the [NBA].”

With an election looming, Vacirca hopes financial backing from the state government will be secured sooner rather than later, allowing Forza Capital to seal the deal and begin working with the NBA to ensure the Nicholas Building continues to thrive.

“If it’s on the commercial market, we know what will happen,” Vacirca says. “It would be filled with commercial offices.

“[People] want to visit unique, independent, quirky, kooky spaces – that is the future of driving business and economies in the cities,” he goes on.

“The Nicholas Building has a huge benefit for the state and city – that’s been proven over and over with economic modelling – and in terms of cultural vibrancy and vitality there’s nothing that can beat that plan and vision we have for the building.”

Read Broadsheet ’s recent special feature on the Nicholas Building.