Expansive development site in Melbourne’s commercial hotspot Cremorne hits the market11 October 2023
Colliers agents Alex Browne and Ben Baines have been appointed together with transaction manager JACX Property to bring an expansive prime development site to market on Cremorne’s most desirable street.
The generously 1,575 sqm site currently comprises a two-storey office, adjoined by an impressive clearance, clear span warehouse, and an older style warehouse with rear access to Victoria Avenue. The two properties comprise 1,359 sqm of building area with a well-established tenant, providing a solid holding income of $432,600 per annum.
The combined offering has an impressive street frontage of approximately 25 metres onto Victoria Avenue and 28 metres onto Cremorne Street, with 12 on-grade car parks on title, accessible from Cremorne Street.
Colliers’ Director of Investment Services, Alex Browne, said, “The upscale potential of the generously sized parcel makes this site highly sought-after by both owner occupiers and commercial property developers.”
“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.”
The small suburb has captured the attention of businesses of all sizes, including Adidas, Seek, Carsales, MYOB, REA Group, Domain, Reece, 7-Eleven, and Uber. Since its humble beginning as an amusement park in 1853, it has evolved from industrial use to Melbourne’s most sought-after creative precincts due to its proximity to Melbourne CBD, 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,” adds Ben Baines, Director of Colliers Investment Services.
“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.”
With price expectations around $20 million, 121-125 Cremorne Street, Cremorne, is offered for sale by Expressions of Interest, closing Thursday 2nd November 3pm (AEST).