Cremorne and Richmond Office Markets Roaring
The Cremorne and Richmond office markets are continuing to see plenty of activity, with a Hong Kong-based investor paying $19.5 million for a new 1,413sqm office building behind Richmond train station and the Corner Hotel.
Cheerich Property, the local subsidiary of Cherry Body Fashions, bought 45 Wangaratta Street from Beams Projects at a 3.7% yield. The boutique project is on the 368sqm former Duchamp clothing warehouse site.
The 629sqm factory site across the road at 32 Wangaratta Street sold last year for $8.8 million to Benjamin Duncan Property Group.
The latest sale follows Australia Post’s announcement that it will move its headquarters to Richmond, signing a deal with Charter Hall to anchor a future $130 million, 13-storey office building to be constructed at 462-482 Swan Street, owned by the Agosta family.
Next door, Riverlee has partnered up with Bamfa Properties, which is linked to the Agosta family, to speculatively build a $190 million, 13-level commercial tower. Meanwhile, Bamfa Nominees has just bought a 2,322sqm Burnley office building site with short-term leases at 182-184 Stawell Street.
Salta recently lodged plans for a $50 million office building at nearby 173-177 Barkly Avenue, and along with Abacus Property Group secured flexible workspace provider Hub Australia for a new 3,000sqm venue at their 459-471 Church Street development in Richmond.
Dandenong Family Court Building Sells for $12m
A private investor acquired the Dandenong Family Court building for $12 million.
The 2,729sqm office building at 53-55 Robinson Street has been a family law court since the mid-1980s. The Commonwealth government’s lease expires in July 2023 and returns $782,413pa.
Fitzroys Director Rob Harrington negotiated the sale on behalf of the purchaser.
The sale price reflected a 6.5% yield.
The 3-level building is on a 2,371sqm dual-fronted site zoned Comprehensive Development, with basement and on-grade parking for up to 50 vehicles.
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 2021 Fitzroys.