This article is from the Australian Property Journal archive
ASX-listed software firm MYOB will be the latest tech company to make a play in Melbourne’s Cremorne, ditching its Glen Waverley space after less than three years for the chance to boost its presence in the hugely popular city fringe precinct.
It has leased all 8,800 sqm of Caydon’s commercial building on Punt Road, part of the $1 billion Malt District development under the landmark Nylex clock.
The group already has more than 450 working over 5,250 sqm at nearby 167 Cremorne Street, and will shift over 1,000 staff to its new space in June 2020, from its current Glen Waverley office of 5,000 sqm at The Glen.
Cremorne counts REA Group, Seek, Carsales.com.au, Tesla and Uber amongst its tenants, while global entertainment giant Disney signed a five-year lease over 2,657 sqm at Building 10 at 658 Church Street at more than $1 million annum in August, for a move from South Yarra’s Como Centre.
In the same month, Icon Developments proposed an eight-storey commercial building for the former Nuttelex site at 600 Church Street in August, while CostaFox has just acquired the historic heritrage warehouse home of internationally renowned Sing Sing Studios at 1-11 Gordon Street for $12 million, with intentions to develop an office building of six to eight levels that would be “sympathetic” to its red brick façade, targeted towards creative looking to get into the area.
The small suburb has also seen a number of smaller warehouse sites change hands recently for conversion into boutique office and hospitality offerings, taking advantage of booming residential and worker population, as well as its close proximity to the CBD, the MCG and wider sports precinct, as well as Richmond’s busy Swan Street lifestyle precinct.
Caydon received approval in January for revised plans for its controversial Malt District development. The developer intends to build three new residential towers below the Nylex clock, including two of 15 and 14 storeys respectively, while seven of the nine distinctive silos on the site will be demolished.
Australian Property Journal
