A high clearance single storey warehouse in Melbourne’s inner north east Collingwood has sold to an owner occupier for $8.4 million.
The brick structure at 163-165 Islington Street spreads a 1200 square metre site.
Zoned Commercial 2, it could make a way multi-level office project.
The sale comes a week after UEM Sunrise spent $43m on a collection of Collingwood car yards at the south west corner of Hoddle and Langridge streets, with intentions for major apartment towers.
Owner occupiers outnumbered, outbid developers: agent
Previously occupied by a seafood business, the fully functional industrial asset is toward the north east most edge of the suburb, near Collingwood College (story continues below).
Collingwood Town Hall, which like Collingwood train station, is actually in Abbotsford, is also close to 163-165 Islington Street.
GrayJohnson’s marketing agent Brett Simpson said the substantial high clearance and older style warehouse, with a kitchen, includes three roller door entry points.
The site is also configured with 11 car parks.
“We received significant enquiry to our private sale marketing campaign with owner-occupiers foremost, plus developer interest for a property that is ideally located in the heart of Collingwood,” Mr Simpson said.
“However, the owner occupier enquiries were strongest as developers, despite a perceived redevelopment potential for this substantial site, are currently somewhat constrained by the prevailing market perspectives”.