COLLINGWOOD – BENCHMARK SALE AS OWNER-OCCUPIERS AND INVESTORS TAKE NOTE OF RAPIDLY EMERGING CITY FRINGE SUB-MARKET.
An owner occupier as purchased a converted warehouse-office building at 49-53 Islington Street for $11 million is a deal arranged and negotiated by Andrew Milligan, Charles Emmett and Geoff Emmett of Emmetts.
The sale price reflects a land rate of $14,570 per sq m and a building rate of $14,500 – both believed to be new benchmark metrics for the Collingwood Commercial Precinct.
Andrew Milligan of Emmetts said that demand for the precinct is heating up. Several major office developments are coming to completion following successful leasing campaigns including the nearby 88 Langridge Street which recently attracted Aesop’s global headquarters in an anchor leasing deal which was also arranged by Emmetts.
Andrew Milligan said businesses are attracted to the industrial heritage of the precinct, its proximity to the Melbourne CBD as well as well as its relative value compared to other city fringe sub-markets such as Cremorne and South Melbourne.
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