Flight Centre co-founder sells historic Collingwood property to Victoria’s Indigenous Treaty Authority
Victoria’s Indigenous Treaty Authority has acquired a historic Collingwood property from Flight Centre’s Geoff Harris. Find out how much it sold for.
Co-founder of Flight Centre Geoff Harris has made waves by offloading a landmark Collingwood property for $6.8m to Victoria’s Indigenous Treaty Authority.
Title documents reveal the independent authority will be taking over management of the property, whose mission oversees treaty making that involves first nation’s people in Victoria.
The transaction marks the first change of hands for the property at 146-156 Wellington Street in over two decades.
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The commercial site spanning 1135sq m, formerly the Reach Foundation’s headquarters, sits on a prominent corner site close to Melbourne’s CBD.
Colliers Melbourne East associate director Alex Browne said the speed and efficiency with which the deal was concluded speaks volumes about the demand and desirability of such properties.
The landmark property has been a cornerstone of Collingwood’s historical architecture and cultural scene since hosting the Reach Foundation, a youth organisation founded by Jim Stynes.
Colliers Melbourne associate director of Melbourne metro sales Ben Baines said having been part of the community for more than 23 years, the property’s significance couldn’t be overstated, making it a trophy asset for the urban investor.
“The new owner is already planning extensive renovations to match the vibrant dynamism that Collingwood represents,” Mr Baines said.
“Despite some turbulence and gloomy forecasts in the outer-suburban sectors, high-quality city fringe assets are transacting robustly – the interest from both investors and owner-occupiers indicates a steady confidence in Melbourne’s fringe locales.
The associate director said buyers were not just purchasing properties; they’re looking at long-term gains.
Mr Baines said Harris’s decision to sell came as the Reach Foundation relocated to East Melbourne, leaving the storeyed premises as a surplus.
“We were gearing up for a marketing campaign when we identified a proactive local occupier who was eager and ready to close the deal,” he said.
“Even with increased land taxes and other levies, investors are savvy – they’re strategically incorporating these expenses, rolling with the punches, and positioning themselves wisely in the market.
“It’s refreshing to see how such landmarks continue to evolve in purpose while preserving their intrinsic historical value.”
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Originally published as Flight Centre co-founder sells historic Collingwood property to Victoria’s Indigenous Treaty Authority