Commercial building in Melbourne's Collingwood sells for $3.5 million

A commercial property in Melbourne's Collingwood with development potential has sold for $3.535 million at a bullish rate of $8,838 a square metre.

The 111-115 Langridge Street building sits between Hoddle Street and Wellington Street, three kilometres from the Melbourne CBD.

"This was a very popular property, attracting 130 plus enquiries during the marketing campaign, many of whom attended," said Teska Carson selling agent Tom Maule, who along with Michael Ludski, sold it to a local owner-occupier.

The property comprises a two-level, 754-square-metre commercial building on a 400-square-metre site, zoned Commercial 2 with frontages to Langridge Street, Rupert Street and Montague Street.

The lease is for short term only.

The property, listed for the first time in more than 35 years, is within close proximity to Gertrude and Smith street commercial precincts and transport.

He said the sometime working class suburb had undergone gentrification in recent years, driven by the area’s lifestyle amenities, mostly within walking distance.