A consortium including fashion retail heavyweights Michael Gannon and Perri Cutten has sold a Cremorne car park to Time & Place and MaxCap – which are planning a high-end office (artist’s impression, top).
The 2678 square metre Business 3 zoned site covering 75-119 Cubitt Street and 70-80 Gwynne, the latter, the address it is expected to go by when complete, is costing over $25 million, according to sources.
The result is a major windfall for the vendors, which nine years ago paid $10.18m for it and a collection of neighbouring sites, all up covering 7637 sqm, from the Department of Education which was using it for a TAFE.
Between 2013-2014, the ownership group, Cremorne Co, divested much of the balance of the holding – properties with buildings on them – to separate buyers.
One, at the south east corner of Cubitt and Kelso streets, sold to LaManna Group.
The 70-80 Gwynne St disposal comes a month after Mr Gannon and developer Gus Cooper offloaded 68-88 Green St, Cremorne – permit-ready for two offices and a plaza – to National Basketball League majority owner Larry Kestelman, for a speculated $30m-plus.
Earlier this week, we reported Time & Place and MaxCap sold an ex-Orica site, west of Sydney, for a major premium after 18 months.
Formerly the TAFE car park, 70-80 Gwynne St is one of Cremorne’s last significant sites.
The holding increased 43 sqm in 2020 when the council discontinued a road and handed ownership to Cremorne Co.
Time & Place is planning a 12 storey, 15,000 sqm A-grade office with clubhouse style end-of-trip facilities.
The ground floor will offer food and drink tenancies and a wellness centre.
The project is also designed with a communal garden and c900 sqm of terraces.
About 650 sqm of the rooftop will be activated too.
A leasing campaign for 70-80 Gwynne St will begin if a permit comes in.
“We immediately saw this site’s incredible potential,” Time & Place director, Nick Paciocco, said.
“We’ve long been looking to expand into Cremorne due to the area’s rapid growth, connectivity and its rising reputation as a nascent tech hub (story continues below).
“We’ve worked diligently to create an outcome that fits to the modern worker – flexible floorplates, environmentally sound and with amenities that complement the hybrid working model many have adopted post-COVID,” according to the executive.
“We see Cremorne…as an opportunity for us to invest into…buildings…that contribute to the fabric of a neighbourhood.
“Our aim is to create a machine for working – a building that provides tenants with a highly efficient, sustainable and optimised working environment.
“The way people live and work is changing, and it’s our job to make sure we reflect this transition in our work”.
Cremorne makes three for partners
Car parks in the proposed building will be contained in two basement levels.
“Acknowledging the importance of wellbeing and sustainability amongst modern businesses, the building’s design optimises water and energy capture, and each facade will be designed based on its orientation, to minimise solar heat gain allowing for optimal thermal comfort and energy efficiency in line with 5-star Green Star rating and 5-5-star NABERS targets,” a Time & Place spokesperson said.
“Multidisciplinary design firm fjmstudio has been engaged to work on the building’s design, its team bringing with them a strong reputation for producing considered and innovative public spaces, including the award-winning Bunjil Place [in Narre Warren] and Victoria Place, Time & Place’s East Melbourne project,” it added.
“The building’s design reflects an evolution of the workplace experience, where emphasis is placed on the connection between office and neighbourhood, landlord and community,” according to the developer.
“Proximity to Church and Swan streets connects the site to vibrant retail, hospitality and lifestyle offerings.
“The site will be the third office venture for the developer, following the aforementioned Victoria Place and Alexandria’s Bourke & Bowden, with the three projects expected to be worth in the vicinity of $800m upon completion.
“The addition of the Cremorne project presents an exciting opportunity for Time & Place, with the Victorian Planning Authority and Yarra City Council instating the Cremorne Place Implementation Plan, which provides a roadmap for the appropriate and ongoing development of the suburb.
“This Plan aims to establish the area as an enterprise precinct, innovation anchor and vibrant hub for entrepreneurs and start-ups.
“The Victorian government will also support the creation of a flagship digital hub, which will deliver programs to support business growth, technology adoption and connect the state’s leading tech firms to businesses”.
To be known as the Cremorne Digital Hub, this was in August decided to be at 80 Balmain St.
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