Colliers sells Collingwood commercial development opportunity within three days

A warehouse presenting a commercial development opportunity in Melbourne’s city-fringe hotspot Collingwood has changed hands in an off-market deal negotiated by Colliers Alex Browne and Matt Knox.

Colliers’ Associate Director of Investment Services, Alex Browne, said the 240sqm warehouse on 121 Langridge Street was sold to local owner-occupiers just three days after the vendor appointed the team.

“We reached out directly to the potential buyer, as we knew they were looking for an asset of this nature and managed to negotiate the sale for $2,060,000, representing a land rate of $8,583/sqm.

The property was sold with a short-term lease before the new owner plans on moving into the premises and utilising it for their business.

Matt Knox, Colliers Executive of Investment Services, added, “We continue to receive strong interest from owner occupiers seeking well-located city-fringe properties they currently can occupy while also providing future value-add opportunities.

“While investor interest has slightly softened, owner-occupiers are currently dominating the Melbourne metro market. The city fringe and inner suburban markets are particularly of interest, where we are experiencing a shift as businesses look to rationalise out from the CBD. In contrast, others want to relocate from outer suburban markets to access more amenities,” Mr Knox concluded.