Bayley Stuart invests again in Cremorne

Only 358 square metres of the ex-Hickory headquarters is for lease.


Bayley Stuart has snapped up a third Cremorne office – this one on a large site with development upside.

The ex-Hickory headquarters at 101 Cremorne Street (pictured, top), on the south east corner of Kelso, cost $30.05 million following an off-market deal.

Designed in 2005 by Perth architect Robert Andary and previously accommodating Colorado and Pacific Dunlop, the three level asset contains c3000 square metres of A-grade area; it is renowned in leasing circles for its large floorplates.

The almost square site spreads 1749 sqm.

Elsewhere in Cremorne – considered Melbourne’s most valuable office precinct to rent outside of the CBD and Southbank – Bayley Stuart owns 600 Church St and 1-11 Gordon, both which cost c$50m in funds through deals, in 2018 and 2019 respectively.

101 Cremorne Street

Hickory, owned by brothers Michael and George Argyrou, announced in 2020 it would quit 101 Cremorne St for a South Melbourne office then under construction.

The bulk of its former space has since been filled; the balance (358 sqm) is for lease with Colliers’ John Howell and Ash Dean with JLL’s Matt Szakiel and Robbie Douglas (story continues below).

The 12 storey office earmarked for 70-80 Gwynne Street.

Longer term, Bayley Stuart could consider replacing the block with a 10 storey-plus tower; the property has more than 40 metres frontage to each of Cremorne and Kelso streets.

Earlier this month we reported Time & Place and MaxCap applied to construct a 12 level office on a 2678 sqm block, 70-80 Gwynne St (also known as 75-119 Cubitt) – the ex-Kangan TAFE Building G car park.

Larry Kestelman recently bought a permit-ready office block at 60-88 Green Street.

Alfasi Property is set to construct a commercial project too, with hospitality elements, on part of the historic Bryant & May match factory – which for decades since the 1980s accommodated the Hamilton Porsche dealership – that it purchased in August.

Also proposing major Cremorne offices are National Basketball League co-owner, Larry Kestelman, Fortis, Pace, Salta, Skylife and Vicland.

Icon – which Bayley Stuart acquired 600 Church St from – with Kajima Corporation and the Zagame family are planning an asset of this type as well, on a 1490 sqm block, 116 Cremorne St.

For more than a decade prior to 1996, that property, opposite 101 Cremorne St, was owned by Just Jeans.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of