Melbourne's Cremorne the new black as tenants move in

Melbourne's Cremorne the new black as tenants move in
Melbourne's Cremorne the new black as tenants move in

Melbourne's inner-eastern fringe suburb of Cremorne is seeing brisk tenant activity, with six new leases in the last eight weeks and more in the pipeline, according to real estate agency Teska Carson.

The tiny suburb is suddenly the flavour of the month, said Teska Carson's Fergus Evans.

"Cremorne has for a long time lived in the shadow of its more famous and more popular neighbour Richmond, but the number of businesses who are now making Cremorne home are challenging that dominance," said Evans.

"We have leased six properties recently and have several more tenants looking at what’s available." 

Evans and his colleagues have sold, leased and marketed more than 25 properties in the suburb over the last 18 months, 

New deals include those at:

  • 36 Stephenson Street, Cremorne – three year lease to  Scene Change Pty Ltd; 
  • 40 Stephenson Street – four year lease to Merlin Migration Pty Ltd;
  • 25 Gwynne Street – two year lease to Care Monkey Pty Ltd;
  • 29 Gwynne Street – three year lease to Suppertime Australia;
  • 14 Gwynne Street -   lease (term undisclosed) to  The Big Group;
  • 44 Gwynne Street -   leased prior to construction (conjunctional with JLL)

Some tenants were now looking to avoid the queue by securing space prior to or during construction, including a new lease at 44 Gwynne Street and significant interest at a six-level office building under construction at 13 Cremorne Street, Evans said.

 

The former industrial suburb, famous for its Rosella factory which was established on Balmain Street in 1905, is bordered by Punt Road, Church Street, Swan Street and the Yarra River, and at 0.7 square kilometres, is one of the smallest suburbs on Melbourne’s fringes, but it is now punching above its weight.

"Cremorne is such a great location and that has been the key to this trend we are seeing now. It has access to everything that neighbour Richmond offers, including trains and trams, shops, restaurants, cafes and fashion on Bridge Road, Swan and Chapel streets," he said.

Cremorne was identified in the Victoria government’s Plan Melbourne document as one of a number of new urban renewal precincts to help accommodate a surging Melbourne population which is forecast to exceed Sydney’s population by 2050.

According to the City of Yarra and ABS data, Richmond’s population has grown from 22,789 in 1991 to 31,262 in 2014, a rise of 37 percent, and is expected to rise another 38 percent to 43,105 by 2036. The lion’s share of that growth is expected to occur in Cremorne and Burnley. 

Tags: 
Melbourne Commercial Market

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