Website realestateview.com.au the latest media company to lease in Richmond

Small property listing portal realestateview.com.au is the latest media company to relocate its headquarters to “the thriving high-tech hub” of Richmond.

The company has leased 220 square metres within Building 5, 658 Church Street (pictured, top).

It is filling part of a floor vacated by Nexus Sales and Marketing.

Colliers executive James McMahon and Chris Meehan negotiated the realestateview.com.au. lease

The listing website will relocate from 405 Burwood Road, in Hawthorn East – a space which is now available for rent, along with building naming rights.

An image showing the numerous buildings which form the business park at 658 Church Street, Richmond (highlighted). The circled complex, building 8, was acquired by Naomi Milgrom for $44 million in 2017.

Melbourne’s inner-east has experienced a wave of leasing activity to tech-based companies this property cycle – with both big and small requirements.

“We have seen a large amount of demand for sub-300 sqm tenancies this year with boutique agencies wanting to position themselves within Richmond and Cremorne,” Mr McMahon said. “Because of this, we sub-divided the floor into two smaller tenancies and undertook a creative refurbishment”.

“The demand stems from boutique agencies wanting to provide their staff with an array of amenity from different cafes and bars. Further to this, by positioning the business within the thriving hub…they are able to attract a large amount of talent”.

The entrance of building 5, 658 Church Street, Richmond, the new home of advertising portal realestateview.com.au

By February 2020, MYOB said it should be the biggest occupier within Cremorne, a pocket of Richmond.

Last May, MYOB pre-commtted to 8,800 sqm of office space within a nine-level, 9,600 sqm building under construction at 17-21 Harcourt Parade, previously the home of the Beavers Plastics factory – now part of the Malt District master-plan.

MYOB’s move followed feedback from staff who didn’t want to be headquartered in suburban Glen Waverley.

The software giant leased two offices in Cremorne: in 2016 at 167 Cremorne Street; and when that building overflowed, in 2017, at 449 Punt Road. The latter space was sub-let from carsales.com.au.

Sony Music recently leased this warehouse opposite Richmond train station as its headquarters.

Last month we reported that Sony Music had leased a high-end office, fitted within an old warehouse, at 5 Stewart Street, Richmond.

REA Group, the owner of market-leading property listing websites realestate.com.au and realcommercial.com.au, occupies a modern office at 511 Church Street, Richmond.

Tomorrow Agency, another real estate media company, is at nearby Palmer Parade, Cremorne.

Building 8, 658 Church Street, Richmond, sold to Naomi Milgrom two years ago.

Other high-profile occupiers in the pocket include Walt Disney Corporation, online job listing company, Seek, Tesla and Uber.

Early last year, retail groups Country Road, which was headquartered within building 3, 658 Church Street, and David Jones, which was based in Sydney, consolidated into a refurbished office owned by Growthpoint known as building 2, 472 Swan Street, Richmond.

Last June, 7-Eleven announced it would relocate its centre of operations from suburban Mount Waverley, to building 2, 658 Church Street.

The former 7-Eleven headquarters in Mount Waverley.

The office part-occupied until three months ago by the convenience retailer, 357 Ferntree Gully Road, is currently for sale targeting owner occupiers and investors by Colliers International’s Andrew Ryan and Peter Bremner, with Charter Keck Cramer the transaction manager.

In May, 2017, businesswoman and philanthropist Naomi Milgrom paid $44 million for building 8, 658 Church Street, Richmond.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco
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