Fortis is paying $26.9 million for a Cremorne site opposite Kangan TAFE.
The vendor, Tope Lane, recently won permission to replace the 1830 square metre block with a nine level office with ground floor retail.
The 9250 sqm proposal will replace four small brick warehouses and a terrace.
Upon completion, the tower is estimated to be worth about $130m.
The site is a couple of hundred metres from where Cremorne Properties, headed by Gus Cooper and Michael Gannon, is completing Seek’s new headquarters.
Icon recently delivered 600 Church St, Cremorne – an eight storey commercial building it sold in 2018 on a funds through-basis.
3121 land values nudging $15k per sqm
Last December 116 Cremorne St, Cremorne, a site earmarked for a 10 storey office, sold for $19.35m – or $13,004 per sqm – following a campaign by Mr Bremner with colleague Alex Browne.
Eighteen months ago a showroom on 1320 sqm at 475 Church St, Richmond – which shares the same 3121 postcode – traded for $16.8m, reflecting a site rate of $12,727 per sqm.
Also in late 2019, 587-593 Church St, which spreads 1704 sqm, exchanged for $19.1m ($11,209 per sqm). Colliers’ Mr Dwyer and Mr Browne were the agents.
Today we reported the ex-ARL headquarters, on 1985 sqm at the south east corner of Burnley and Murphy streets, was listed for sale.
This parcel is about 300 metres from the Harry the Hirer warehouses which a Gurner JV acquired with plans for an $800m mixed-use village containing a shopping centre and five towers with apartments and an aged care facility.