This article is from the Australian Property Journal archive
TWO private investors have paid $9 million for commercial facility at Cremorne in Melbourne's city fringe – representing a record rate of $4,500 per sqm.
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Located at 2-12 Gwynne St, the property consists of three allotments covering a total area of 2,000 sqm and was sold by Bond Imaging, which has occupied the property for more than 45 years.
CBRE’s Jamus Campbell, Ed Wright and David Minty, in conjunction with co-agents Teska Carson, negotiated the sale on behalf of Bond Imaging.
Campbell said the property attracted strong interest from both developers and investors looking to gain a presence in the tightly held Cremorne market, which is only 2km from the CBD.
“The East Richmond / Cremorne area has been identified as a future urban renewal area in Plan Melbourne and its rezoning potential to allow for residential development is a major draw card attracting buyers to the area,” Wright added.
Australian Property Journal