Confidence in City Fringe Commercial Boom
Developer Goldfields Group has added to its inner-city office pipeline, acquiring a Matt Blatt Furniture showroom site in Cremorne for around $19.2 million.
The 587-593 Church Street property has 2.5 years remaining on its lease with 3+3-year options. Goldfields is considering a mixed-use development with a 5-star hotel that would service the booming office market centred around Richmond, Cremorne and Burnley that is home to a growing number of major companies such as Disney, Uber, Tesla, REA Group and 7-Eleven, and numerous tech start-ups.
Goldfields is currently developing a $300 million, 24-level office tower at 627 Chapel Street, next to the Capitol Grand complex in South Yarra.
Bayley Stuart has just bought a 7-level office building at 1-11 Gordon St in Cremorne off-the-plan for $50 million from CostaFox without a pre-commitment.
Last year, the investment firm made a similar purchase, buying a $50 million tower from Icon at 600 Church Street and recently secured online property portal Domain as an anchor tenant
Scape Buys Serviced Apartments In CBD’s Tallest Residential Tower
Australia’s largest student accommodation provider, Scape, has acquired the serviced apartments in the Aurora Melbourne Central tower for $125 million from UEM Sunrise.
Reflecting the evolution of Melbourne’s sizeable international student population, Scape plans to utilise the 252 units as serviced apartments aimed at students and graduates, as well as travellers and professionals.
The units are within the soon-to-be-completed $800 million, 88-level tower at 224-252 La Trobe Street, in the northern end of the CBD which will also have 959 apartments.
Disclosure: The weekly Fitzroys Property Wrap is for information only on transactions in the Melbourne property market. Fitzroys provides this information as a public service. We are not purporting that all sales and leases within this report were transacted by Fitzroys. Terms/Privacy © Copyright 2019 Fitzroys.