Former Lendlease executives snare Melbourne warehouse for apartments
A boutique apartment builder led by former Lendlease development director, Tim Campbell, and development manager, Stuart Kacir, has snapped up a central Collingwood warehouse for a luxury project.
At $10.6 million, the deal with the pair’s Carpe Group with Icon Developments, for 53-57 Cambridge Street, is the priciest sealed in the suburb this year.
It also sets a local record based on land value – $13,070 per square metre.
Cushman & Wakefield’s Daniel Wolman, Hamish Burgess, Leon Ma and Raphael Favas brokered the deal for the owner-occupier, M.Recht Accessories, which supplied and distributes trims for the fashion and textile industry from the two level warehouse.
That company is now based in Bentleigh East.
Heart of Collingwood
Spreading 811 sqm, also fronting Derby and Langridge streets – all up offering 85 metres of road frontage – 53-57 Cambridge St is zoned Mixed Use.
Eight offers came in, Mr Wolman said, predominantly from developers and investors.
“As developers increasingly focus on pockets of Melbourne where development remains viable, inner-city precincts like Collingwood are seeing significant growth and demand,” he added.
“The sale follows a series of highly successful residential, commercial, and hotel developments in the immediate area, and this asset shares the same strong fundamentals,” according to the executive (story continues below).
Mr Burgess said “historically home to long standing rag-traders and inner-city warehouses, Collingwood’s landscape has been redefined by a string of high end residential, hotel, office and build to rent developments by some of Australia’s most well-known and highly regarded developers.
High rise, high-end apartments planned
Carpe is planning a luxury high rise apartment project – possibly its tallest, the site marketed with a scheme for a 10 level tower with 5770 sqm.
It is opposite a 14 storey apartment complex completed by Cbus during COVID.
Pace of Collingwood (rising nine floors) and a Lyf Hotel (11 levels) are also in the immediate area as are several offices on Wellington St, a block away.
The southern boundary is the Collingwood English Language School, with low rise buildings and sporting facilities – offering potential residents foreseeable CBD view security.
Elsewhere in Melbourne, Carpe recently completed a luxury apartment project at Eaglemont, about 10 kilometres north east of Melbourne.
Based in South Melbourne, the group is also behind medium density projects in Brighton, Brighton East and Trentham.
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