JR Group seals major suburb lease deal
James Richardson Group – which this month listed for sale its unique Abbotsford headquarters, an ex-cordial factory, after five decades – has committed Emeritus Research to part of an uber-contemporary Camberwell office, near Trent Street Reserve and Hartwell station.
The clinical research house has signed up for c1900 square metres at 1096 Toorak Road for an initial eight years.
It presently occupies another high quality tenancy a little further east in the suburb (1080 Toorak Rd).
The latest commitment is thought to be the biggest in Melbourne’s inner east last year by area.
It followed the landlord undertaking a swank refurbishment, including of the foyer, and upgrading end of trip amenities.
Teska Carson’s Michael Taylor and Reece Israel were the agents.
With the deal, JR Group as it is also known – a collective of four James Richardson divisions, duty free, furniture, investments and real estate – has c1950 sqm to fill in the two level building with 56 car spaces.
Ex-Schweppes cordial factory for sale
Meanwhile, JR Group has listed its Abbotsford headquarters – a 5727 sqm ex-cordial factory built in 1886 by Jacob Schweppe.
Over five titles, spreading 3098 sqm zoned Mixed Use, it is being targeted to residential and office developers; a Cera Stribley Architects scheme is being offered to suitors.
More than $17 million is expected, according to sources (story continues below).
“JR Group has been a proud custodian of 35-45 Lithgow St, Abbotsford, through the group’s evolution over the past 50 years,” general manager, Property, James Aldred, said.
“The property is exceptionally well positioned for residential redevelopment,” according to the executive.
Configured as offices and showrooms, it is now surplus to needs, he added.
Mr Taylor with colleague Michael Ludski and JLL’s Josh Rutman, Jesse Radisich and Tim Carr, are the agents.
“The James Richardson building provides owner occupiers, investors and developers with a unique opportunity to create something special in what has become one of Melbourne’s most favoured city-fringe precincts,” the executive said.
“As the home of the Schweppe’s cordial factory…the building has enormous aesthetic appeal but it also generates interest on the development front at a time when undersupply of new high quality residential stock is driving growth in residential apartment revenues,” he added.
“Abbotsford as a location is rapidly emerging as a prime city-fringe address,” according to the agent.
“Options, subject to council approval, may include creative uses along the lines of other local character buildings such as the Denton Hat Mills redevelopment of five and potentially seven levels, and/or subdivision for a variety of uses.
“The very successful reinvention of the Denton Hat Mills springs to mind as one use of an historically significant local building, while redevelopment in the form of an exciting new Melbourne destination and subdivision of the Mixed Use site would also present a number of options to developers”.
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