Billionaire toy boss secures Melbourne office tenant
Moose Toys boss Manny Stul and his stepson, Paul Solomon, have filled part of a prominent low rise inner east Melbourne office – putting to rest any question about whether they might be looking to utilise the airspace soon.
Catapult Sports has signed up for 1102 square metres at 630 Church Street, Cremorne, for an initial seven years.
The landlords snapped up the three storey asset from Property Bank for $23.5m following a public sales campaign in August, 2016.
The month later, the pair negotiated for the neighbouring property – a mirror design known as 620 Church St – for $23.3m; local fund manager Vantage was that seller.
Moose Toys is behind products including Real Littles Shopkins and Trolls.
In 2017, Mr Stul, then a billionaire and EY’s World Entrepreneur of the Year, sold Yarraville’s red brick former post office, a retail asset next to Sun Theatre, for $3.9m.
The following year, with Mr Solomon, he outlaid $22.25 for Balaclava’s Beller House – an office and retail investment on 2720 sqm.
Teska Carson’s Reece Israel and Michael Taylor are the Cremorne co-leasing agents (story continues below).
Catapult is presently in Prahran.
Refurbished digs
Upgrades were recently undertaken to the Cremorne building’s façade, common areas and air conditioning.
End of trip facilities were also added, while the building has had a rebrand, to Belvedere.
The near 3000 sqm amalgamation between Gordon and Newton streets holds significant long term development upside; towers up to 12 storeys are being developed around it.
Cremorne, which shares the same postcode as Richmond, also commands amongst Melbourne’s highest suburban office rents. Also this week we are reporting Hines secured Starbucks to a Collingwood office – the first lease since that building was offered nearly 1000 days ago.
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