This article is from the Australian Property Journal archive
PROPERTY developer Carpe Group and Icon Developments have acquired a triple-fronted site in Melbourne’s Collingwood for $10.6 million – marking the popular city fringe suburb’s biggest deal of 2024 to date.
The partnership acquired 53-57 Cambridge Street following an expressions of interest campaign led by The sale was managed by Daniel Wolman, Hamish Burgess, Leon Ma and Raphael Favas from Cushman & Wakefield.
The sale also represents the highest land rate per sqm achieved in Collingwood this year.
The 811 sqm site has an existing two-level office warehouse, which was occupied by previous owner, garment supplier, distributor and wholesaler M.Recht Accessories, for over 40 years. Historically home to long-standing rag traders and inner-city warehouses, Collingwood’s landscape has been redefined by a string of high-end residential, hotel, office and build-to-rent developments.
Carpe Group directors, Stuart Kacir and Timothy Campbell have plans to transform the property into a luxury residential precinct.
“With prominent street frontages to Cambridge, Derby and Langridge Streets, and proximity to Melbourne’s leading lifestyle, shopping and entertaining precincts, the site had the location and highly flexible Mixed-Use zoning we were looking for,” Kacir said.
“We’re also looking forward to continuing our strong partnership with Icon Developments, a wholly owned subsidiary of the Kajima Corporation, one of Japan’s largest property and real estate companies, to deliver a project that complements Collingwood’s dynamic and eclectic culture.”
Developers and investors all made beelines for the site, with more than 110 enquiries and eight competitive bids put forward. The underbidders represented almost $100 million in capital that will be in search of other opportunities.
“As developers increasingly focus on pockets of Melbourne where development remains viable, inner-city precincts like Collingwood are seeing significant growth and demand,” Wolman said.
“The sale follows a series of highly successful residential, commercial, and hotel developments in the immediate area, and this asset shares the same strong fundamentals,” he said.
