Collingwood office development ‘not for sale’, despite interest
Impact Investment has received interest on its Northumberland project but says the under-construction office complex in Collingwood, on Melbourne’s city fringe, is not for sale.
The Northumberland complex is being built by Grocon, which sold it to Impact for about $111m last year.
The Wellington St property consists of a 12-level main tower, a four-level companion building and a car park. Market players say it has been touted for about $140 million.
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The A-grade buildings are expected to be complete in April and will span about 15,109sqm.
The Northumberland has been pitched as one of Australia’s most sustainable office buildings and it is targeting a six-star Green Star rating.
Northumberland will also be Melbourne’s first fringe commercial property targeting the highest WELL rating.
John Wardle Architects designed Northumberland to reflect the character and creative spirit of its inner-city location in Collingwood.
The anchor tenant is global skincare company Aesop, which will move into the property following completion.
The move comes as Impact seeks to offload other properties including its interest in the Beach Hotel in Byron Bay, developed by Paul Hogan sidekick John Cornell, with the entire property tipped to sell for more than $100 million.
The real estate offshoot of global workspace group WeWork, the ARK investment fund, is also targeting Impact’s building on Melbourne’s Collins Street that the co-working group occupies in a deal worth about $77 million.
This article originally appeared on www.theaustralian.com.au/property.
