This article is from the Australian Property Journal archive
MELBOURNE’S city fringe pocket of Cremorne has attracted another major property play, with investment firm AXA picking up the $100 million future home of MYOB.
It is within Caydon Group’s $1 billion Malt District precinct that takes in the Melbourne landmark Nylex silo.
Construction begins on the nine-level Hayball-designed building this month, six levels of which software company MYOB has pre-committed to on a 10-year lease.
AXA paid $32.5 million for the property, which will also include four retail spaces, a café, and showroom on the ground floor, and 174 parking spaces.
Prompted by the record vacancies in the suburb, which adjoins bustling Richmond, Bayley Stuart recently outlaid $50 million for a yet-to-be leased building at 600 Church Street off-the-plan.
Space is hotly contested. Convenience store giant 7-Eleven, Starbucks and the Withers Group recently pounced on the six-level building of 7,400 sqm at PodCo and Terraplex’s Building 2 at 658 Church Street, quickly after Solomon Lew’s Just Group vacated. They will refurbish the building ahead of the relocation from Mt Waverley.
They will join Seek, CarSales.com.au and REA Group among major firms moving to the precinct, as co-working spaces also help to establishing the area’s reputation as Melbourne’s creative tech-hub. Major tenants through the area also include Disney, Tesla, Uber and MYOB.
More than 200,000 sqm of development applications were approved or under assessment for projects in the City of Yarra over the 12 months to September 2017.
Australian Property Journal
