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.
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.