Caydon seeks occupiers for retail, strata office at new laneway near Nylex clock

A 303 square metre space is being marketed as an office or showroom.

Caydon is seeking tenants to occupy ground floor shops (pictured, top) and a strata office or showroom (right) forming part of a mid-rise development it has just completed at its Malt District village, around the Nylex sign, in Cremorne.

Three of the five retail spaces have been leased – two to hospitality operators and one to a barber.

Malt District is anticipated to have more hospitality area and a microbrewery.

Aston Commercial’s Jeremy Gruzewski and Brendan Burmistow said these c76-135 square metre spaces achieved net annual rentals of more than $600 per sqm.

Another two shops of just over 100 sqm each are available, they added, as is a 303 sqm potential office.

The spaces form part of a nine-level office recently completed as the MYOB headquarters.

The site was for generations known as 17-21 Harcourt Parade, and accommodated the Beaver Plastics factory.

However, prior to the software giant taking occupancy this year, the address was changed to 168 Cremorne Street.

Next Malt District steps

When Melburnians come out of lock-down next month, they may notice seven “less significant” silos – adjoining the historic ones – demolished (story continues below).

Artist’s impression of the completed Malt District.

The land they sit on is earmarked for a 12-level, 15,737 sqm commercial building called West Tower, which Caydon is seeking pre-commitments for.

Beside this, the Melbourne developer is also proposing a strata office complex, which will incorporate a shorter stack of silos and Victoria Bitter sign.

The village also contains residential components, a hotel, grocery store, more hospitality space and a microbrewery.

Malt District is proposed to have offices, residential and retail.

Malt District is the amalgamation of two Cremorne holdings – including the ex-Beaver Plastics site which cost the developer $6.15m in 2008.

In late 2014 Caydon paid $38.2m for the neighbouring hectare sized site containing the silos and Nylex clock.

Prior to starting construction of the MYOB office, Caydon struck a deal to sell it to AXA Asset Management for c$100m.

As part of that funds through agreement, the builder offered a rent guarantee and is responsible for the leasing of the commercial space.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco