Blueprint Projects, a development partnership comprising former Collingwood footballer Paul Tuddenham, Antony Quinert and Magnus Floden, has commenced a marketing campaign to lease an office complex under construction near the Camberwell Junction in Melbourne’s leafy east.
The CV project is replacing the former Bilia Volvo site covering 139-153 Camberwell Road and 1 Porter Street in Hawthorn East.
The newly badged premium project, to be known as CV @ 141 Camberwell Road, will supply approximately 8500 square metres of office space abutting retail precinct Camberwell Place.
Designed by Elenberg Fraser, CV also includes 140 apartments and 2500 sqm of ground floor retail. It is due for completion in May 2019.
Blueprint Projects recently completed another mixed-use development at nearby 117 Camberwell Road which saw the pre-sale of 43 apartments and then the complete take-up of the 5200 sqm office component by the Victorian Teacher’s Credit Union (now known as Bankfirst).
CV made headlines three years ago when it was approved by the Victorian Civil and Administrative Tribunal after initially being rejected by the City of Boroondara council.
JLL’s Josh Tebb is exclusively marketing the commercial components of CV.
“Much of the positive commentary surrounding the Melbourne metropolitan office market has centred around Richmond and Cremorne. Hawthorn has not achieved anywhere near the attention but that was fundamentally an issue with an undersupply of large available options as opposed to a lack of demand,” Mr Tebb said.
“Many of the tenants that have preferred Hawthorn as a precinct have expanded their search area to include Richmond to satisfy their demand”.
The fundamentals of the Boroondara office sector is very strong with vacancy well below 4 per cent and less than 1 per cent in terms of prime office vacancy, Mr Tebb said.
“Rental growth has also been amongst the strongest in the suburban office sector – rising circa 10 per cent year on year in the past two years”.