Larry Kestleman will relocate three enterprises including the National Basketball League to a set of offices divided by a public space on a prominent Cremorne site he snapped up late last year.
The executive this week appointed Maxcon to build the complex, 68-88 Green St, with 9628 square metres of PCA-classified A-grade area – the third best quality after Premium and Prime.
This component is expected to be 5.5-star NABERS rated.
Also with retail around the 202 sqm plaza, and 105 car parks, completion is scheduled in the third quarter of 2025.
Mr Kestelman bought the 2868 sqm rectangle site making way for the project for more than c$30 million.
The sellers, prominent Cremorne investors and developers, Gus Cooper and Michael Gannon, pushed through the planning application in mid-2019 when it was rumoured Afterpay might have pre-committed.
NBL to cross town
Mr Kestelman intends to relocate the NBL – control of which he took over in 2015 – as well as his development and real estate firm, LK Property Group, and his retail group, Brand Collective, from 10 Queens Rd, opposite Albert Park Lake – which, coincidentally, he once owned, to Cremorne (story continues below).
Whereas that tower rises 19 levels, the Green St complex will contain an eight and four storey building.
Its western boundary, abutting the train line between Richmond and South Yarra stations, provides excellent brand exposure.
“We’re looking forward to the development in the suburb deeply rooted in Melbourne, with creatives and entrepreneurs flocking to the trendy area,” an LK Property Group spokesperson said.
“Cremorne is known for its high-tech businesses, innovation jobs and the Cremorne Digital Hub,” they added.
“In addition, Cremorne is a close walk to Melbourne’s most iconic sporting grounds’, including the MCG,” according to the representative.
Mr Kestelman sold 10 Queens Rd in 2018 for $60m – a five per cent yield – and an impressive capital gain on his outlay five years earlier: $21.35m at a 10.8pc return.
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