Collingwood kicks into development overdrive
Collingwood's development scene is firing in all regards, as evidenced by the recent sale of a irregularly small site at 109 Langridge Street.
Demand for developable Collingwood land is intense, which earlier this month led to an impressive sales outcome for the mini site which is zoned commercial 2. Capable of being developed, 109 Landridge Street sold at the hands of Beller Commercial for $1.085 million, or more than $10,000 per square metre.
Liam Rafferty of Beller Commercial pointed toward the 108 square metre becoming a multi-level office redevelopment, or being held as a landbank opportunity in the fast-evolving precinct.
A look at the Urban.com.au Project Database listings in the immediate area surrounding 109 Landridge Street reinforces the strength in the Collingwood development scene.
The southern area of Collingwood in close proximity to Victoria Parade is currently the development precinct of choice in the area. 24 separate residential projects are in play across Collingwood in its entirety with a healthy number in the aforementioned area.
7 of the 24 residential projects are at construction; these projects at construction are poised to add 500 plus apartments to the suburb's stock, whilst the balance of Collingwood residential projects amount to some 754 apartments in waiting.
The emerging mixed use nature of Collingwood is reflected by the increasing number of commercial developments in play. Grocon has a freshly erected tower crane on the Northbourne commercial development which will add 15,000 square metres, whilst an additional 4 office developments can be expected.
These 4 projects amount to an additional 25,000 square metres. PACE Development Group has begun demolition across 51 Langridge Street prior to construction proper commencing; the 11 storey SJB-designed building dubbed Brick will account for a small 510 square metre site opposite the PACE of Collingwood apartment development which is also under construction.
Future Collingwood developments will further diversify the suburb's development boom. A permitted office scheme for 23 Little Oxford Street was recently snapped up by developer/builder Drakk Pty Ltd, whilst hotel developments are also in the pipeline.
Tribe Hotel Group is in line to occupy 60 Langridge Street. Developer Peregrine Projects sold part of its major Langridge Street site, which itself is earmarked for a major office development, to Tribe Hotel Group which is backed by Salta Properties among other entities.
Another major development in the wings is 128-144 Wellington Street. The sizeable corner site was marketed for sale recently, complete with a mixed-use retail, office and hotel high-rise scheme designed by Metier3 as indicative of what could be developed across the site.
