Country Road at 658 Church Street has a price tag of about $30 million. Photo: Glenn Hunt
A COMMERCIAL property hot spot is emerging in Richmond - Cremorne, the pocket bounded by Church Street, Punt Road and the Monash Freeway.
Rob Joyes, Colliers International director in charge, Melbourne East, said several big properties had hit the market in Cremorne early this year, including two significant buildings that were in the final stages of changing hands.
The headquarters of Australian fashion label Country Road at 658 Church Street is in due diligence, with a price tag of about $30 million. Nearby, at 449 Punt Road, the five-level, 6369-square-metre home of automotive sales company Carsales.com is also in due diligence, for about $28 million.
''These are substantial transactions not just for Cremorne, but for the metropolitan office market as a whole,'' Mr Joyes said. Interest in the small, unassuming precinct was rife, from private investors and institutional buyers alike.
Mr Joyes said Cremorne was also experiencing strong leasing and rental. A total of 1100 sq m was recently leased at 101 Cremorne Street to tenant Apparel 21 at $330 a sq m net.
