Melbourne

Neighbour strategically acquires Cremorne office warehouse

The owner of a commercial property in Cremorne has strategically acquired the neighbouring office warehouse at auction for $2 million.

29 Nov 2018

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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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.