This article is from the Australian Property Journal archive
A SIGNIFICANT development site in the heart of Melbourne fringe suburb of Cremorne is up for grabs with price expectations of around $20 million.
Spanning 1,575sqm at 121-125 Cremorne Street, around 3km south-east of the CBD, the site is currently occupied by a two-storey office building adjoined by an impressive clearance, clear span warehouse, and an older style warehouse.
The two properties comprise a total building area of 1,359sqm, with an established tenant providing a holding income of $432,600 per annum.
Alex Browne and Ben Baines from Colliers have been appointed to sell the parcel, alongside transaction manager JACX Property, via an expressions of interest campaign.
“The upscale potential of the generously sized parcel makes this site highly sought-after by both owner occupiers and commercial property developers,” said Browne, director of investment services at Colliers.
The asset includes around 25 metres of street frontage to Victoria Avenue (rear access) and 28 metres onto Cremorne Street and 12 on-grade car parks on the title.
“Cremorne has sustained significant development activity throughout the last decade, with the precinct continuing to demand more supply as new buildings are absorbed at rapid rates,” added Browne.
Cremorne has fast become one of the most in demand creative precincts due to its close proximity to the CBD, excellent access via public transport and amenities.
“The strong demand for commercial office space has led to the conversion of residential dwellings and older style office/warehouses into creative workspaces, which has seen the precinct improve considerably in the last decade,” said Ben Baines, director of investment services at Colliers.
“With corporate tenants focusing more and more on staff retention, Cremorne has emerged as the place to be as it provides younger, talented staff with easy access and a plethora of amenities.”
Back in July, Fortis had already achieved 90% pre-commitments at its upcoming commercial development at 65 Dover Street in Cremorne, six months ahead of scheduled construction completion.
The expressions of interest campaign for 121-125 Cremorne Street, Cremorne is set to close on 2 November 2023.
