Owner-occupier outlays $5.75 million on Collingwood HQ

A Sydney-based financial services business has outlaid $5.75 million on a Melbourne headquarters, in Collingwood.

The renovated and extended period building at 42 Cambridge Street includes 593 square metres of lettable area over three floors, configured as offices, showroom and meeting spaces.

A major renovation retained original features including timber ceilings, exposed beams and trusses and a bluestone feature wall.

The sale price values each square metre of building area at $9696, Gray Johnson’s Brett Simpson and Matt Hoath said.

The office is close to busy Victoria Parade which is also the East Melbourne suburb border.

A staff kitchen at 42 Cambridge Street, Collingwood.

Parliament House is less than a kilometre way.

The agents said the Mixed-Use zoned Collingwood site, with a 5.7 metre street frontage, and depth of 26.6 metres, has rear laneway access and four off-street car parks.

The building offers heating, cooling, data cabling and an alarm.

The brokers described 42 Cambridge Street as “one of the best city-fringe recycled properties of character to be offered to the market”.

“This is an original building of character where a professional and architectural refurbishment has occurred, while retaining the original structural components.

“The location including the easy proximity to Victoria Parade plus the main local streets of Gertrude St and Smith Street in this quality corner of Collingwood close to the junction with Hoddle Street affords outstanding access.

The office at 42 Cambridge Street, Collingwood.

“We thought there it unlikely that a better opportunity for a stand-alone quality city fringe residential/commercial use would be on offer.

“This building stood alone as a holding investment opportunity as an owner-occupier could see the significant appeal of this property for office and showroom purposes in its current setting.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.