Local secures Cremorne bike dealership, gym

The L-shaped building (outlined) offers city skyline views.

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.

The Cremorne site, c150 metres to Richmond station.

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).

Royal Enfield’s Mid Life Cycles’ Cremorne Street tenancy.

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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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.