A local occupier has picked up a warehouse converted collector motorbike dealership, café and F45 gym, in a development hotspot at the top of Cremorne.
The fully leased 1585 square metre double storey building at 24-28 Cremorne Street is trading for $13.05 million – a 3.17 per cent yield.
On a 934 L-shaped block also fronting Jesse St and a low density residential precinct – over which the improvement or any incoming structure would have CBD view security – it could be replaced longer term. Zoned Commercial 2 however, any project couldn’t contain residential.
JLL’s Josh Rutman and Jesse Radisich with Teska Carson’s Matthew Feld and Larry Takis represented the vendor which paid $1.08m in mid-1997.
24-28 Cremorne Street
The agents said 24-28 Cremorne St – a block from Swan St and the Richmond train station – is amongst the highest profile locations in the suburb, dubbed Melbourne’s Silicon Valley, because of its concentration of creative and professional services businesses.
Amongst them is Seek, which occupies a distinctive headquarters in the street, at #60-88.
Bill McNee’s Vicland is also intending a 12 storey, 20,000 sqm commercial building (10pc of which will be retail) at #31-37 on the road – a 3500 sqm amalgamation of sites it bought from Blazer Clothing founder Peter Murray for in 2021 (story continues below).
Fortis is also planning a nine storey office to be anchored by Adidas in the suburb on Dover; it recently outlaid $10.85m to expand what was a 1858 sqm holding to 2512 sqm, allowing it to grow the asset’s lettable area about 30pc
Time & Place and MaxCap too were this year permitted to replace part of an ex-Kangan car park fronting Cubitt and Gwynne streets, with a commercial building, again of 12 floors.
Royal Enfield’s Mid Life Cycles occupies the ground level of 24-28 Cremorne St.
Six offers came in following a private sales campaign.
More to come.
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