Commercial property investment manager Bayley Stuart has enjoyed more leasing success at one of two offices it is constructing in Melbourne’s exclusive Cremorne.
Hoyts, a subsidiary Valmorgan and Credabl – a Rialto-based loan service provider for doctors – will join already reported occupiers, Axil Coffee Roasters, Victory (serviced) Offices and Nine Entertainment’s Domain, at 600 Church Street.
The eight-storey, 5799 sqm commercial complex, replacing the former Nuttelex margarine factory on the south west corner of Balmain Street, is due for practical completion soon.
Spaces of between 230 sqm and 686 sqm are still available. The distinctive complex will include 72 basement car parks and rooftop terrace with 360 degree vistas.
Bayley Stuart acquired 600 Church Street on a funds through basis in 2018, paying Icon Developments $50 million.
In a case of history repeating, last November the investor paid CostaFox $50 million on a funds through basis for a permit approved eight storey office with 5464 sqm of area, at 1-11 Gordon Street, Cremorne.
Cremorne: Victoria’s Silicon Valley
About two kilometres east of the city, Cremorne is considered one of Melbourne’s most expensive suburb’s to occupy an office – new A-grade space like 600 Church Street said to command rent in excess of $600 per sqm, per year.
Some recent rental agreements have been sealed at more than $700 per sqm/pa, local agents say.
High profile creative occupiers include WPP, carsales.com.au and Disney.
Employment website SEEK is moving from 541 St Kilda Road to an office under construction at 60-88 Cremorne Street.
Convenience retailer 7-Eleven recently rented in the area, then sold a former owner-occupied headquarters in Mount Waverley.
Reece is moving its headquarters to a Cremorne office Zig Inge Group is constructing in Balmain Street.
The plumbing product supplier will relocate from East Burwood.
Afterpay and MYOB are also set to move in.
But developer Hickory and advertising agency Polaris are amongst those to have decided to quit the suburb.
David Jones also relocated its Country Road Group from an office park at 658 Church Street, Cremorne, to one near the banks of the Yarra River off Swan Street, about a kilometre further east of the city, classified Richmond.