Melbourne-based developer Vicland has just secured a permit for a 10-storey office building in the desirable inner-fringe location of Cremorne.
Vicland has moved quickly to turn the 3,500 sqm site, purchased for $53.5 million last year from Blazer Clothing founder Peter Murray, into a high-quality office building as more businesses are drawn to inner-fringe locations.
Colliers agents Edward Knowles and Rob Joyes have been appointed to lease the 17,000 sqm office space across the 10-storey Cremorne office tower, the third office building in the developer’s inner- fringe office portfolio.
Colliers’ National Director, Office Leasing, Edward Knowles, said Cremorne, known as Melbourne’s creative hub, has undergone a significant change in recent years and is now attracting several leading Australian businesses.
“Cremorne has, in the past few years, transformed from an industrial brick precinct into the Tech Hub of Melbourne. It’s quickly become an upmarket office precinct where major players such as Tesla, Uber, the Walt Disney Company, MYOB, Domain, Seek, and REA Group have relocated to,” said Mr Knowles.
Vicland’s confidence in the office market remains on the back of the recent completion of a 6,500sqm office building in Wilson Street, South Yarra, which recently sold to German fund Real-Is, and Vicland’s $300 million fully leased 13,500sqm high-end office and retail building, St Germain Toorak, in Toorak
Vicland’s Jake Steinhart said, “Several CBD businesses were attracted to the office building in Toorak, which gave us confidence in the strength of the city fringe market.”
“A-grade offices of this calibre are relatively new on offer in the inner fringe, but as businesses have started to seek office spaces outside the CBD, demand has increased rapidly, sites in a location this close to world-class amenity are hard to come by,” added Mr Steinhart.
The permit-approved Cremorne office tower has been designed by Hassell, who has created a design set to meet current market demands, focusing on the workplace, high-end tenant amenities and ESG suited to the new way of working post the pandemic.
“The beautiful Hassell design with sandstone brick podium coupled with large efficient floorplates will be highly sought after in Cremorne’s best street,” said Colliers’ National Director, Rob Joyes. ”It’s on the doorstep of Richmond Station and the views to the city are outstanding,” Mr Joyes added.
The new office building on 31-53 Cremorne Street, Cremorne, is aimed for completion in 2025.