Colliers agents Ben Baines, Alex Browne and Lucas Soccio have been exclusively appointed to bring a 600sqm dual-fronted development site in the heart of Cremorne to market.
Presenting a rare development opportunity that has come through the amalgamation of six strata office suites, through various owners, to all sell as one, suited for a number of redevelopment opportunities given the ongoing demand in Cremorne (STCA). Currently used as offices, the property was previously the Richmond South kindergarden about 30 years ago.
The site currently comprises a 622sqm functional office building over three storeys, featuring six individual suites, which are predominantly fully fitted with a warm shell, soaring ceiling heights and staff amenities. Fronting Cubitt Street are also 18 car parks on title.
Colliers Director of Investment Services, Ben Baines, said, “Cremorne has sustained significant development activity throughout the last decade, with the precinct continuing to demand more supply as the new buildings are being snapped up quickly.”
“The asset is positioned in Melbourne’s most in-demand commercial precinct with strong rental growth and Australia’s second lowest office vacancy rate, providing a compelling case to any investor or developer looking for a value-add opportunity.”
Located just three kilometres from Melbourne’s CBD, Cremorne has in recent years become the chosen destination for several leading businesses, including REA, Reece, Uber, Tesla, MYOB, Carsales, and Seek, due to its plethora of amenities within immediate proximity to parklands, public transport and major arterials.
“Since Cremorne’s humble beginning as an amusement park in 1853, history has repeated itself through its evolution from industrial use to being known as Melbourne’s creative precincts. Through the extraordinary demand for commercial office space, converting residential dwellings and older style office/warehouses into creative workspaces has seen the precinct improve considerably,” said Colliers Director of Investment Services Alex Browne.
With price expectations around $7 million, is offered for sale by Expressions of Interest, closing Thursday, 8th June at 3pm (AEST).