This article is from the Australian Property Journal archive
An interstate investor has snapped up a commercial property in Cremorne in Melbourne’s city fringe, in the suburb’s biggest deal in 2.5 years, signalling a turning point in the market after the interest rate cut this week.
An office warehouse located at 58-76 Stephenson Street Cremorne has been acquired by an interstate buyer for $18 million, in a deal negotiated by Cushman and Wakefield’s Anthony Kirwan, Raphael Favas and George Davies.
Spanning over 1,700 sqm with three street frontages, this is the first time the property has changed hands in 25 years.
It was held by a private investor.
The sale price reflects a land rate of $10,619 per sqm.
Although the transaction was handled off market, director Anthony Kirwan said there is a lot of positivity in the market following the interest rate reduction this week, the first rate cut in four years.
Kirwan said the transaction had a short settlement and was the largest Cremorne transaction in 2.5 years.
“Sentiment has improved significantly in the Melbourne market and this week’s rate cut will help bring even more positivity into the market.
“Astute investors who were on the sidelines, they have returned, they want to start buying,” said Kirwan.
