German fund manager buys Collingwood offices
Joseph Chahin’s Peregrine Projects has offloaded Collingwood’s recently completed Langridge Lanes office complex for $77.5 million.
The buyer is a fund managed by Collins Street based DWS, an arm of Frankfurt listed global real estate manager DWS International GmbH.
The asset contains a nine storey building at 88 Langridge St, known as 88L (pictured, top), with 6000 square metres of lettable area including four retail tenancies and a recreation facility, over three levels of underground parking.
On 1467 sqm and almost fully leased to groups including Aesop, Providoor, Swisse and co-work outfit Creative Cubes – the latter, with a space recently taken over by Lululemon – this component traded for $70.7m.
Also forming the deal is a neighbouring warehouse-converted-office on 482 sqm at 23-45 Waterloo Road, again occupied by Aesop.
Cushman & Wakefield was the marketing agency.
Langridge Lanes
Peregrine outlaid $16m in late 2017 for the open-air car park and warehouses which made way for Langridge Lanes.
At the same time, it also paid $10.58m for the neighbouring 1047 sqm site – 60-72 Langridge St – which includes the recently demolished Langridge Design Centre.
In 2018, it was reported Peregrine sold that component to Tribe Hotels Group – a consortium comprising Victor Smorgon Group, Salta Properties and Mark and Melissa Peters – which intended an eight storey, 180-suite guesthouse, Mr Minty (story continues below).
However earlier this year Salta applied to replace that approved shell with a 4938 sqm office over ground floor retail – at least one tenancy which will be licensed.
Penned by Gray Puksand, that proposal also includes 36 car parks in two basement levels, 46 bike storage spaces and end of trip facilities.
Collingwood both north and east
About two kilometres from town, Collingwood is popular with tenants seeking both inner north and east accommodation.
Elsewhere in the suburb, RF Corval recently completed an 11 level A-grade office at 71 Gipps St – part of which is for lease – while the Liberman family backed Impact Investment Group finished a 12 storey office at 54 Wellington St, on the north east corner of Northumberland Road.
Domain Hill Group, led by Peter Cahill, has opened a Collingwood office too at 71 Langridge St, opposite Langridge Lanes; that developer also recently picked up the suburb’s ex-Club 80 with plans for another commercial building.
US investment house Hines, meanwhile, is intending a 15 level prefabricated timber office at 36-52 Wellington St – a 2120 sqm amalgamation of sites on the south east corner of Northumberland Rd it acquired for $28.5m four years ago, while Quest is replacing the ex-Travellers factory at 79 Wellington St with a hotel.
Last month we reported Sydney based car importer Neville Crichton outlaid $18.3m for adjoining properties covering 2312 sqm on Victoria Parade, Collingwood, with plans to replace it with a showroom to occupy.
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