Investor buys Collingwood office for $7.35 million off-market

Another commercial property sale has taken place in Melbourne’s trendy Collingwood.

This time, an investor has spent $7.35 million on a double-storey brick office on an 825 square metre site at 20-22 Northumberland Street, between Victoria Parade and Langridge Street.

The off-market deal was negotiated by GormanKelly director Daniel Di Gregorio who sold the property at a land rate of $8909 per sqm.

Yesterday we reported that interior design firm Bay Studio paid $6.85 million for 47 Easey Street, Collingwood – a historic warehouse-converted-office it plans to occupy.

Bay Studio paid $6550 per sqm of land.

Mr Di Gregorio declined to comment about the sale outcome of 22 Northumberland Street – including vendor, buyer and price.

But he said “trendy” Collingwood is in demand and “still undervalued”.

Mr Di Gregorio anticipates a mixture of upcoming residential and commercial developments will push values in the suburb up further.

Impact Investment Group controls this office, under construction at the corner of Wellington and Northumberland streets.

The property at 22 Northumberland Street is within cooee of a 2120 sqm parcel at 36-52 Wellington Street which Houston-based developer Hines bought for $28.5 million in April, to replace with a timber office.

Impact Investment Group is also building an office in this pocket: 54 Wellington Street (artist’s impression, right) will be home to AESOP once completed.

Last month we reported that a Sydney-based finance firm paid $5.75 million for 42 Cambridge Street, Collingwood, also with the intention of occupying it.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco
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