Photo: 53-57-Cambridge-Street,-Collingwood
Following a well publicised supply/demand imbalance for housing in one of Melbourne’s inner-city pockets is reaping the benefits as developer demand intensifies around the gentrified areas of Collingwood and Fitzroy and East Melbourne.
Historically home to long standing rag traders and inner city warehouses, the precinct is now having this landscape redefined with a string of high end residential, hotel, office and BTR developments filling the skyline.
Amidst this backdrop, 53-57 Cambridge Street is coming to market for sale, boasting over 811sqm* of land and benefitting from three street frontages to Cambridge, Derby and Langridge Streets.
With price expectations upwards of $11 million, the property benefits from quality improvements on site being a two level building comprising showroom, office and warehouse facilities with 10 undercover car parks.
The Vendor and current occupier, M.Recht Accessories, a garment supplier, distributor and wholesaler of fashion accessories has operated from the property for over 50 years.
The asset is available for sale through Daniel Wolman, Raphael Favas, Hamish Burgess and Leon Ma of Cushman & Wakefield, who anticipate strong interest in the property from developers given the undeniable upward pressure on residential revenues in Melbourne’s city fringe apartment market.
Demand for prime sites in the precinct has intensified and this generational opportunity is one of the last major sites available. The property is immediately surrounded by a number of high-profile developments by some of Australia’s most well know and highly regarded developers. Situated close to the Smith Street Shopping precinct, 53-57 Cambridge Street benefits from immediate access to some one of Melbourne’s best lifestyle precincts.
The property features an extended street frontage, benefitting from three street frontages totaling of 85 metres of frontage. This enhances its prominence, accessibility, development potential and enhances view lines from any future development.
Daniel Wolman, Cushman & Wakefield’s International Director & Co-Head Investment Sales, VIC, commented on the demand for property within the precinct
“This area is undergoing significant growth and demand, bolstered by a number of highly successful developments across several asset classes including residential, office, hotel and living sectors. The dynamic precinct has fostered the development of a number of differing uses creating a vibrant and thriving inner-city precinct that is well activated and sought after.”
This near island site is an premium opportunity decades in the making that will no doubt attract developer interest from across the market.
Hamish Burgess, Cushman and Wakefield’s Director of Development Sited Sales, VIC added,
“Melbourne’s city fringe is experiencing unprecedented demand as developers are looking to confined pockets of Melbourne where development remains viable. Given a lack of supply leading to an ability to offset construction and finance cost increases through strong sale revenues, areas such as Collingwood and Fitzroy are highly sought after.”
The existing improvements are also expected to pique the interest of owner occupiers seeking boutique accommodation in the city fringe.
Raphael Favas, Cushman and Wakefield’s Manager of Investment Sales added
“Given the expansive footprint, abundance of natural light from the triple street frontages and 10 on site car parks, we expect this opportunity to catch the attention of not just developers but active owner occupier mandates on our books too.”
53-57 Cambridge Street is for sale by Expressions of Interest closing Thursday 12 September at 12pm.
*Approximate
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.
