Occupier spends $4.2m on Cremorne warehouse

The upper level of the 652 square metre building at 131-135 Dover Street, Cremorne, is configured with offices.

A Melbourne based owner occupier has spent $4.175 million on a Cremorne office/warehouse with development potential.

Twelve offers were received for 131-135 Dover Street, Teska Carson marketing agent George Takis said.

The sale price values every square metre of the Commercial 2 zoned land at about $10,500.

The property contains a 652 sqm double storey brick building, part of which has been fit out with offices – which in this hub can command in excess of $500 per sqm, per annum.

It also includes eight car parks.

Mr Takis added the c392 sqm parcel “attracted a high level of interest from a broad range of buyers including those interested in the development potential facilitated by three street frontages, 15 metres of that to Dover St” (story continues below).

A contemporary warehouse converted office at 426 Burnley Street, Richmond sold for $3.4m last week – also to an owner occupier.

“The property was attractive to owner occupiers and investors, the latter appreciative of the very sound investment credentials, but it also had something for developers in a tightly held precinct of a very popular inner-city location”.

Swan Street and the Richmond train station are a five minute walk away.

The property was offered with a short-term lease.

The deal comes a week after the agency sold an office/warehouse on 555 sqm at nearby 426 Burnley St, Richmond (pictured, right), for $3.4m – also to an owner occupier.

The precinct is about three kilometres east of Melbourne.

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Marc Pallisco

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

Marc Pallisco