Collingwood office building development set to be sold

Collingwood office building development set to be sold
Collingwood office building development set to be sold

A freehold office building in Collingwood is set to be sold, with price expectations of around $30 million.

Private developer and builder Pace Development Group, led by Shane Wilkinson, anticipates the 3,082 square metre property will be due for practical completion before the end of 2019.

CBRE have been appointed to market the property.

CBRE agent Scott Orchard said the design of the property has been shaped by strong occupier demand for smaller format, whole floor accommodation.

The Melbourne city fringe property will comprise 11 levels of office accommodation with a ground floor café, end-of-trip facilities, communal areas and 17 secure basement car parks.

The building’s total annual income is projected to be $1,600,000 net, with an average lease profile of six years.

There are 11 tenancies with agreements for lease on the majority of the building and strong interest on the few remaining tenancies with five-year rent guarantees on offer. 

The Pace Development Group recently delivered Pace of Collingwood – a nine-storey apartment building diagonally opposite 51 Langridge Street, consisting of 79 apartments on the former Smith Family Head office site.

Tags: 
Commercial Property Collingwood

Comments

Be the first one to comment on this article
What would you like to say about this project?