The owner of a commercial property in Cremorne has strategically acquired the neighbouring office warehouse at auction for $2 million.
Located in the heart of Richmond and Cremorne’s central activity precinct, the 181sqm site at 10-12 Hill Street sold at a strong land rate of $11,050 per sqm – a figure 21% higher than the land rate achieved for the adjacent property that sold last December.
CBRE Victorian Retail Investment’s David Minty, Nic Hage and JJ Heng marketed the property on behalf of Rob and Mary Paula Williamson.
Mr Minty said Hill Street is gaining significant interest from buyers because of its location near Church Street and its value proposition compared major streets such as Balmain Street and Cremorne Street, which are attracting land rates around $13,000sqm.
“We’re thrilled with the result and the strong land rate achieved for our vendors. Cremorne is a highly sought-after city fringe office location and it’s easy to see why, with the area’s substantial retail, bar and restaurants scene plus its proximity to Swan Street, Chapel Street, Melbourne’s sporting precinct and the CBD,” Mr Minty said.
“It’s speculated Sonos has taken a lease over neighbouring 3-11 Hill Street, demonstrating the demand from well-known international retailers and technology tenants that are looking to take occupancy in an area dubbed as Melbourne’s Silicon Valley.”
JJ Heng added: “We are witnessing heightened appetite from Asian investors for office and development site opportunities, with the most recent being the Adairs property at 487-495 Bridge Road, Richmond and the Get Wines Direct property at 157-161 Burnley Street, Richmond to Asian buyers.”
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