This article is from the Australian Property Journal archive
FOUR adjoining terrace house owners in Melbourne’s booming city fringe pocket of Cremorne have sold their combined offering to a local private purchaser for $7.1 million, which changed hands under the hammer.
The 546 sqm site at 102-106 Stephenson Street is zoned Commercial 2 and traded at a land rate of $13,003 per sqm.
Colliers International’s Ben Baines, Ted Dwyer and Andrew Ryan sold the Stephenson Street property, which they said was contested for by owner occupiers and developers.
“Land values in the prime city fringe hot spots of Richmond and Cremorne, as well as nearby Collingwood and Abbotsford, have almost doubled in the last two years, from circa $5,000 to $7,000 per sqm two years ago to north of $11,000 per sqm for Commercial 2 zoned land,” they said.
Cremorne has established a reputation as Melbourne’s creative tech-hub and attracted a string of major tenants, mostly recently welcoming convenience store giant 7-Eleven, Starbucks and the Withers Group. They will join Seek, CarSales.com.au, REA Group, Disney, Tesla, Uber and MYOB in the area, while the area continues to attract major investment and development plays.
Australian Property Journal
