Property developer Carpe Group, in partnership with Icon Developments, has expanded its portfolio with the purchase of an iconic, triple street fronted site at 53-57 Cambridge Street, Collingwood.
The partnership acquired the asset for $10.6 million during an EOI campaign led by Cushman & Wakefield. The sale represents the highest land rate per sqm achieved in Collingwood, and the suburb’s largest transaction by quantum for the 2024 year to date.
The 811sqm* site has an existing two-level office warehouse, which was occupied by the previous owner for over 40 years.
The sale was managed by Daniel Wolman, Hamish Burgess, Leon Ma and Raphael Favas from Cushman & Wakefield, with the hotly contested site receiving significant interest from a range of developers and investors. With more than 110 enquiries and eight competitive bids, the underbidders represented almost $100 million in capital that will be in search of other opportunities.
Daniel Wolman, Cushman & Wakefield’s International Director & Co-Head Investment Sales, VIC, said the strong campaign response demonstrates increasing developer demand for Melbourne’s city-fringe.
“As developers increasingly focus on pockets of Melbourne where development remains viable, inner-city precincts like Collingwood are seeing significant growth and demand. 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.
Hamish Burgess, Cushman & Wakefield’s Director of Development Sited Sales, VIC said:
“Carpe Group, with its proven track record of delivering high-end apartments across Melbourne, is well positioned to transform this site into something special.”
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 BTR developments by some of Australia’s most well-known and highly regarded developers.
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.”
*Approximate
