Time & Place and MaxCap have been given the green light to develop a high end office in Melbourne’s inner east Cremorne.
The 10 level building will replace a 2678 square metre Wilson car park at 75-119 Cubitt Street and 70-80 Gwynne.
The pair acquired the holding late last year; that seller was a consortium comprising fashion retail heavyweights Michael Gannon and Perri Cutten.
Prior to 2013, the property was owned by the Department of Education for staff and student parking at the neighbouring Kangan Institute.
The office permit comes three weeks since Time & Place sold the last piece of an 88-lot business park in Williamstown North – replacing a 16.8 hectare ex-Mobil site it bought in 2017 as its maiden industrial project.
Cubitt St will be its third office; the others are Victoria Place in East Melbourne, which it and Golden Age divested for $328m in 2020, and Bourke & Bowden in Sydney’s Alexandria.
MaxCap holds its stake in the Cremorne development in the Diversified Opportunity Fund.
What is planned
To be known as 75-119 Cubitt St, the proposed building will contain 13,500 sqm of A-grade office area over a two level basement car park.
Some floorplates will spread 2000 sqm.
“With the permit now approved, we’re excited to commence works and bring the plans to life,” Time & Place development director, Nick Paciocco, said.
“With a rising reputation as a tech hub, Cremorne has seen rapid growth in recent years, and our Cubitt St project will offer premium office space for a modern way of working,” he added (story continues below).
“The joint venture partners intend to leverage Cremorne’s burgeoning reputation as a global innovation and technology hub to appeal to creative and tech businesses,” according to the landlord.
“Alongside the office space will be a ground floor plane which will encompass an extensive communal garden and outdoor space, set to house a diverse food and beverage offering, wellness facilities and small scale office spaces.
“There will also be approximately 900 sqm of balcony and terrace spaces, a 500 sqm rooftop garden and enhanced end-of-trip facilities which will encompass a clubhouse style offering”.
Building boom coming
Elsewhere in Cremorne, technology and real estate investor, Larry Kestelman, also the majority owner of the National Basketball League, recently acquired a 2868 sqm block on Green St permit-ready for two offices containing c9000 sqm, and a 202 sqm public square.
Fortis is also planning a major commercial building on an 1890 sqm site it bought for $26.9m two years ago while Bill McNee’s Vicland is intending one on a 3553 sqm parcel it purchased for $53.5m, also in 2021.
Investors holding building blocks in the area, but which haven’t yet submitted development proposals, include Alfasi, which last year acquired part of the historic Bryant & Match factory on Church St with plans for a hospitality based mixed use project, and Salta, which bought a Commercial 2 zoned Dover St block.
Sydney’s Skylife, led by Daniel and Mark Tartiak, is also expected to replace a collection of Balmain St sites it has been buying in pieces since 2018.
Time & Place and MaxCap have yet to appoint an agent on the Cubitt St office.
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