Largest Cremorne, Melbourne office floor sold for $3.15 million

The largest available office floor in the burgeoning inner-city commercial precinct of Cremorne, Melbourne has sold for $3.15 million.

Fitzroy agents Chris Kombi and Rob Harrington sold the vacant property on the ground floor of 159-161 Cremorne Street via an expressions of interest campaign.

The 704 square metre property comprises a versatile floor plate with subdivision potential, with a 30 metre frontage to Cremorne Street and frontage to private communal gardens, and features abundant natural light from two sides and 18 car parking bays on title.

Kombi said the high quality and flexibility of the offering attracted enquiries from investors and owner occupiers.

“The space offered the tremendous efficiencies of operating on a single level, in communication, team output and cost, and also offered a projected fully-leased income of around $290,000 per annum,” he said.

“Located in a rapidly developing city fringe location, the property presented an opportunity for significant future capital growth.”

The property forms part of the mixed-use development ERA, which comprises three levels of commercial office space, a café, 140 apartments, 15 townhouses and 262 secure basement car parking bays.

Harrington said the Cremorne precinct has experienced rapid development in recent years and is now a hub of activity encompassing an exciting mix of commercial, residential and hospitality uses.

“Amenities surrounding the property are extensive, and it is only a short distance from the popular retail precincts of Swan Street and Church street and public transport facilities including Richmond Train Station and multiple tram and bus routes,” he said.