This article is from the Australian Property Journal archive
MELBOURNE’S city fringe office market of Richmond and Cremorne is set for another major office development with Bamfa Properties submitting plans for a $350 million project, next door to the future head offices of Australia Post.
Developer Bamfa is looking to build 27,000 sqm of office space with floor plates of up to 2,400 sqm at 484-488 Swan Street, in the Burnley pocket of Richmond, which will offer views over the Yarra River, over Hawthorn and Camberwell, and to the city.
Bamfa – operated by the Agosta family – pieced together the 3,500 sqm across multiple deals. They sold the neighbouring building supplies site at 480 Swan Street last year to property powerhouse Charter Hall, after gaining approval for a 13-storey office building. Australia Post has signed up for the development with plans to move in in 2024.
According to Bamfa, the neighbouring sites combined will create a $750 million office precinct with 60,000 sqm of office space adjacent to Burnley train station. There will be 2,500 people working out of 480 Swan Street in addition to the 3,000 at the Australia Post offices.
Richmond and Cremorne are home to tenants including Domain, Seek, MYOB, REA Group, Tesla, Uber Disney, Carsales and Bunnings.
Bamfa Properties managing director, Adam Agosta said Burnley’s super-connectivity was a drawcard for businesses looking to future-proof their office space.
“Business leaders are up against the work-from-home revolution. Certainly, making it easy for people to return to work is high on the agenda in the early conversations we are having with prospective tenants,” Agosta said.
Preferences for greater flexibility including working from home was the major reason office occupancy went backwards in major CBDs including Sydney and Melbourne in July, as workers looked to avoid cold, coughs and flu.
Agosta added that “undeniably” tenants are also attracted to rents in Burnley when compared to the CBD.
“For some of these businesses they could save up to a third of what they are currently paying.”
The project will be targeting Net Zero Carbon, 5.5 NABERS rating and 6 Star Greenstar energy ratings.
484-488 Swan Street has been designed by Cox Architecture, the same team behind the Australia Post building.
“484 Swan Street has been designed to put people first through a socially connected and engaged workplace community that offers the amenity, culture and convenience of Richmond’s city fringe location with the benefit of direct and easy access to the CBD,” said Cox Architecture director, Simon Haussegger.
Plans are currently before the City of Yarra with an outcome expected this year.
