Abbotsford parcel fronting the Yarra River on the market

A recently rezoned Abbotsford land parcel encompassing 4,375 square metres has been listed. 

Fitzroys agents Paul Burns and James Lockwood are handling the international expressions of interest campaign for 112 Trenerry Crescent, Abbotsford, on behalf of the Australian Education Union (Victorian Branch).

The site has an existing four-level brick building with a NLA of 4,252 square metres.

It fronts on to the Yarra River and overlooks both Dights falls and Victoria Park, in addition to having views of the CBD skyline.

It is being offered with short-term holding income.

Burns said the property’s flexible mixed use zoning puts all options on the table for purchasers.

"Office vacancies across Melbourne’s city fringe markets have been tightening to historic lows and businesses are increasingly looking to Abbotsford as the next hotspot for commercial activity located close to the CBD," Burns said. 

Lockwood said developers are now looking beyond the heated Cremorne and Richmond markets for their next projects.

Cadence Property Group has lodged plans for a major office development on Victoria Crescent, near the Carlton and United Brewery, and Salta Property Group is undertaking a mixed-use project with office, apartment and build-to-rent components next to its Victoria Gardens shopping centre.

United Petroleum founder, Eddie Hirsch has proposed an 11-storey tower on Hoddle Street. Circa $20 million is expected for the property.