News release

Two assets come to market in Melbourne’s trendy suburb of Collingwood

Smith Street announced as ‘The World’s Coolest Street’ in 2021 by global media and hospitality business, Time Out

September 28, 2021

Tim Carr

+61 415 767 915

Nick Peden

+61 415 767 915

MELBOURNE 28 September 2021 – Two freehold assets have come to market on Smith Street, Collingwood- one of Melbourne’s most tightly held and in-demand suburbs within the city’s inner eastern precinct.

398-402 Smith Street Collingwood consists of a high-profile commercial building comprising four ground floor retail shops and three offices, plus 12 on-site car parks.

JLL’s Director of Capital Markets- (Victoria) Nick Peden, Senior Executive Mark Stafford and Associate MingXuan Li together with Lemon Baxter’s Paul O’Sullivan and Cameron Elliot have been appointed to sell the site via an Expressions-Of-Interest campaign. The site generates a fully net income of approximately $233,746 per annum and are expecting interest above $5 million.

398-402 Smith Street includes four ground floor shops and three offices, providing a total building area of 659 sqm with over 22 metres of frontage to Smith Street and lane way access.

Mr Peden said, “The property is perfectly positioned along the renowned Smith Street retail strip. This precinct, which was recently awarded ‘Coolest Street in the World’ by Time Out, continues to retain one of the lowest vacancy rates throughout Melbourne’s elite retail strips. With its vibrant and unique blend of hospitality venues, retail and experiences the precinct has capitalised on the thriving office market within the area to be a landmark destination for tenants and occupiers.”

The property offers the certainty of multiple income streams today, and significant development or value add potential in the future. This rare combination provides the market with the opportunity to capitalise on all that Collingwood has to offer, which has moved to the top of the list for developers, investors and owner occupiers in recent years due to its high-quality amenity.

110-112 Smith Street, Collingwood comprises two adjoining retail freehold buildings which are currently occupied by I-Care Optometrists (110 Smith Street) and furniture store, Oliver Birch (112 Smith Street). Currently the two tenants generate a passing net income of approximately $152,989 per annum.

JLL’s Executive Director of Capital Markets- (Victoria) Josh Rutman, Executive Tim Carr and Associate MingXuan Li have been appointed to sell both buildings that occupy a prominent Commercial 1 Zoned corner site of 397 sqm via a public auction and are expecting to receive bids of more than $3million.

The asset is ideally positioned on the prominent corner of Smith Street and Peel Street with valuable rear laneway access.

Mr Carr said, “Situated on the edge of the Melbourne CBD, Collingwood has become one of the most in demand locations for both residential and commercial projects. This demand and countless successful surrounding projects have seen opportunities throughout the area become increasingly rare, and as such we encourage all groups to review this opportunity closely.”

“Collingwood continues to be one of the top locations on developers lists, with the area providing a vibrant and eclectic inner-city lifestyle that continues to resonate with end users. The area has seen countless successful projects in recent years, completed by some of the most renowned developers in Australia.”

Expressions-Of-Interest for 398-402 Smith Street, Collingwood close on 16th of October 2021 at 2pm.

Public Auction for 110-112 Smith Street, Collingwood will be held on Wednesday 10 November 2021 at 12:30pm (AEDT).

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit