The site of a prestige panel beaters on the corner of Gipps, Campbell & Rupert Streets in Collingwood is the latest site to be offered in Melbourne’s booming inner-city market.
JLL Victoria’s Jesse Radisich, Josh Rutman, Tim Carr and MingXuan Li are offering the two-level building that sits on a 1,599sqm site with three prominent street frontages on tree lined Gipps Street.
The property, which is owner-occupied, has been owned by the private family owners for more than 20 years, highlighting how tightly held landholdings in this precinct are.
Collingwood has in recent years emerged as one of Melbourne’s most sought after commercial and lifestyle precincts, which has attracted some of the world’s most recognised brand names and the country’s most active developers.
JLL Director Jesse Radisich said that Collingwood continues to go from strength to strength, and there have been a number of precinct defining commercial and hotel projects in the immediate area in recent years.
“This is a rare opportunity to secure a substantial landholding with three prominent frontages in one of Melbourne’s trendiest city-fringe pockets,” he said.
According to Tim Carr, “these projects have been designed to cater for the strong demand from an array of tenants and have been highly successful attracting above market rents ($500/sqm net plus), blue-chip quality tenants and strong occupancy rates”.
The site offers a high level of flexibility, with 118m of combined street frontage and a flexible Commercial 2 Zone, catering to a number of uses including office, hotel and serviced apartments (STCA).
Given the property is owner-occupied, it is understood that there is flexibility in settlement terms, as well as the potential for the current owners to lease back the building to the new owners for a period of time.
Gipps Street and the immediately surrounding streets have emerged as a hospitality and dining hot spot in recent years, with renowned institutions including Stomping Ground Brewery, Le Bon Ton, Allpress Espresso Café and Rupert on Rupert bar all within 250m from the property.
Located just 1km from CBD, between Wellington & Hoddle Streets, the site is close to trendy Gertrude Street and Smith Street, and a just a five-minute walk to Collingwood Train Station.
“Commercial and hotel projects are underpinned by access to public transport. With direct proximity to Collingwood Train Station and Victoria Parade trams, Gipps Corner is spoilt for choice” Jesse Radisich added. Recent land deals in the immediate precinct suggest a land value of at least $9,000/sqm.
Gipps Corner, Collingwood will be offered via an expressions of interest campaign closing Wednesday 23 August at 2 pm.
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