For the first time in 23 years, an iconic property at 146-156  Wellington Street, Collingwood, has changed hands. The mixed-use, two-level converted warehouse, spanning 1,135 sqm, has been a significant part of Collingwood’s architectural heritage, acting as the headquarters for the Reach Foundation since 2001, a youth not-for-profit organisation founded by the late Jim Stynes in 1994. 

Situated on a large corner site of 705 sqm, the property is just 1.5km from Melbourne CBD. It is  located in the heart of Collingwood, a vibrant city fringe suburb known for its blend of industrial  heritage and contemporary creativity. It is also a short walk from the renowned retail and hospitality  precincts of Smith and Gertrude Streets. 

The property, now sold off-market, presented a unique opportunity for an owner-occupier. Colliers  Associate Director Alex Browne commented, “The property was sold off-market even before it had  time to go public. The sale price of $6,800,000 reflects a building rate of $5,025/sqm and a land rate  of almost $10,000/sqm, marking one of the strongest results in Melbourne’s city fringe this year for  Commercial 2 zoned assets.”  

The property was purchased by a local owner-occupier identified by Colliers before the campaign  launch. The buyer acted swiftly, completing the purchase with a five-business-day settlement term.  The vendor, Geoff Harris, was represented by Colliers agents Ben Baines, Alex Browne, and Eddie  Foulkes, with Heath Bedford from HRB & Co acting as the vendor’s transaction advisor. 

Colliers Director Ben Baines noted, “Owner-occupiers have continued their momentum from 2023  well into 2024, with 48% of all office buildings over $5 million in 2024 having been secured by owner occupiers. In the city fringe market alone, 62.5% of buildings have been purchased by owner occupiers.”

“With price discovery still prevalent with fully leased investment-grade office buildings, driving a lack  of transactions, owner-occupiers are purchasing with confidence for well-located, sub-3,000 sqm  buildings, taking a long-term view on the asset.” 

Colliers Executive, Eddie Foulkes added, “Opportunistic not-for-profit organisations and tech-based  businesses have dominated the market on the acquisition front, reflecting the diverse interest in  well-located properties in Melbourne’s city fringe.” 

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