This article is from the Australian Property Journal archive
FORTIS has achieved 90% pre-commitments at its upcoming commercial development at 65 Dover Street in Cremorne, six months ahead of scheduled construction completion.
The milestone was reached before the social on-market leasing campaign, with the average lease term at the development currently at 11-years.
A single floor of space now remains available and is set to launch to market via a leasing campaign this month.
New tenants will include the corporate headquarters of Ratio and Adidas, who signed up on an initial 10-year term, with a new wine bar, café and deli by Mulberry Group also secured.
Adidas will also have the naming rights on the completed building, as the major tenant.
“The leasing success at 65 Dover Street is underpinned by a trend we have seen this year across several commercial sites being developed by Fortis on the eastern seaboard – the flight to quality has accelerated, and the demand for grade A retail and office space in city-fringe areas has remained robust,” said Tim Mills, general manager of development at Fortis, Victoria.
“Businesses want workplaces that make the commute to work worthwhile, and that has been our approach with all our commercial projects, by offering best-in-class amenities in sought-after locations.”
65 Dover Street is a flagship project in Victoria for Fortis, Designed by Fieldwork Architects and spanning 9,324sqm of commercial office space, which will include full floor plates up to 1,350sqm with wraparound terraces to select levels and smaller office spaces from 300 sqm to cater to boutique businesses.
“We chose 65 Dover Street for its exceptional amenity offering and a prime location within the vibrant Cremorne neighbourhood,” said Colleen Peterson, CEO at Ratio Consultants.
“The state-of-the-art facilities and thoughtfully designed spaces align perfectly with our company vision to provide an innovative and inspiring workplace for our growing team. We are excited to be a part of this premier commercial project and look forward to fostering collaboration and success in this dynamic environment.”
The development will offer tenant amenities including a rooftop basketball court, entertainment facilities, a digital production studio, car wash and saunas.
The activated rooftop will also offer tenants work pods, BBQ facilities and bookable private event spaces.
Located around 3km out from the CBD, the site boasts easy and direct access to key districts across Melbourne, sitting a short walk from tram stops and both Richmond and East Richmond train stations.
Fortis acquired the 1,850sqm city fringe site in 2021 for $26.9 million, with the project’s estimated end value at $130 million.
“Fortis has worked closely with tenants over the last few months to develop premium retail and office space that showcases their brand and strengths in the best possible manner, while also responding to their needs as a business,” added Mills.
“Equally, 90% of 65 Dover Street has been pre-committed in record time, well before the leasing campaign has even commenced. We are extremely proud of what we have created in Cremorne, and thrilled with how it has been received in the market.”
Following construction completion, Fortis anticipates handing the building over to tenants for fit-outs in December 2023, with occupation to commence from March 2024.
“The leasing campaign for our upcoming commercial tower at Wiltshire Street in Richmond will commence in Q3 2023. We look forward to continuing to drive strong results across our commercial projects,” concluded Mills.
