A recently-constructed, six-storey building with hotel and hospitality potential near the corner of Punt Road and Swan Street in Cremorne has been listed for sale.
Just off the busy junction between Cremorne and Richmond, 375-377 Punt Road is a 450sqm site with a total building area of 3,161sqm across six levels, a roof deck, and twin-level basement with a permit for 18 parking spaces.
The property is a stone’s throw from three of the venues that make Melbourne the sporting and events capital of Australia – the MCG, AAMI Park and home of the tennis Australian Open – and the vibrant Swan Street.
It is currently awaiting approval for completion as a boutique hotel, with potential for alternate uses, while an ongoing review of existing zoning could have a positive impact on further developing the site to generate additional income.
The ground floor would suit a variety of purposes, including a food and beverage hospitality operation.
Once reserved for factories and warehouses, Cremorne has become a modern, well-connected tech hub in Melbourne’s inner-city fringe, and home to top 500 companies including Disney, Uber and Tesla, with MYOB and seek.com incoming.
CBRE Hotels’ Scott Callow has been appointed to sell the site on behalf of The Belgrave Group, with Expressions of Interest sought by Friday May 1.
“Cremorne has become one of the most talked about areas on the fringe of Melbourne’s city, and in terms of location it doesn’t get much better,” Mr Callow said.
“It will be the new home of many high-profile office developments, has easy transport links including Richmond station, and adjoins Melbourne’s world-renowned sporting precinct.
“Cremorne has a great deal to offer the corporate and leisure market year-round and this versatile site is a short walk to the busy Swan Street and its restaurants, cafes, pubs and bars.”
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