Naomi Milgrom spends $95m on office

The numerous buildings which form the business park at 658 Church Street, Cremorne.

Sussan Group chief executive officer Naomi Milgrom is paying a speculated $95 million for a Cremorne office next to another acquired two years ago.

Building 10 of 658 Church Street was offered last month by US investment management corporation BlackRock.

Over four floors, and with 7959 square metres of lettable area, it carried c$80m price hopes – nearly twice what the vendor outlaid in 2016 ($45m).

It spreads a 3797 sqm site.

Ms Milgrom owns the building next door (pictured above, circled) – on 2755 sqm, that cost $44m in 2017 from Perth’s Property Bank.

Colliers International’s Peter Bremner, Rob Joyes and Adam Woodward with CBRE’s Kiran Pilai, Josh Rutman and Scott McGlone represented BlackRock.

STA Travel committed to rent part of the office during the period it was being marketing campaign period.

More than half the income is derived from two occupiers: Walt Disney Corporation and National Australia Bank.

Hereon in, 658 Church St is Cremorne

The 658 Church St business park has been historically classified as in Richmond.

But it is actually at Cremorne, which is bound by Church and Swan streets, Punt Road and the Yarra River.

Agents call the pocket one of Australia’s “hottest office precincts”.

Sussan Group has been based there for years.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of