Melbourne office tower anchored by Domain settles for $50 million
22 June 2020, Written by Business News Australia
Property portal Domain will anchor a freshly settled $50 million office building in Cremorne, Melbourne.
The newly built office tower at 600 Church Street was purchased off-the-plan in 2018 by fund manager Bayley Stuart Capital for $50 million and settled today by ICON Developments.
The tower is currently 80 per cent leased and will welcome Domain as its anchor tenant, occupying two of its eight floors.
Designed by Wood Marsh the building features 5,264 square metres of office space and 535 square metres of ground-floor retail.
With an estimated fully leased net income of $3.47 million ICON Developments' senior development manager Brinn Tavener says the settlement of the property demonstrates the enduring strength of the asset.
600 Church Street
"Given the current environment, the settlement of the building demonstrates that quality office stock like this will endure. Cremorne is now quite established as a creative and tech hub, and there's still a lot of buzz and excitement about it as a place where businesses want to be," says Tavener.
"As restrictions ease, we're proud to have delivered a sculptural landmark that reflects both the area's industrial heritage and status as a leading innovation precinct. It sets a new standard for quality and design in city-fringe commercial spaces.
"The building's design, coupled with the area's substantial growth and amenity, will continue to meet the needs of tenants and businesses well into the future."
600 Church Street was completed in May 2020, and features a landscaped rooftop terrace, three levels of basement car parking including 71 car space, 100 bicycle parks, and end-of-trip facilities.
Melbourne still hot property
The settlement of 600 Church Street follows the acquisition of a prime development site in Collingwood on Friday for $43 million.
Malaysian property developer UEM Sunrise Berhad has acquired the site at 21-53 Hoddle Street, which will be transformed into a mixed-used development.
"There's no doubt that Collingwood has evolved into a go-to residential and commercial precinct, thanks to its close proximity to the CBD, vibrant café culture and wonderful sense of community," says UEM Sunrise managing director and CEO Anwar Syahrin Abdul Ajib.
"UEM Sunrise looks forward to bringing our development expertise and vision to the area, to deliver quality residences and commercial spaces for the Melbourne's growing population and help stimulate job creation via the project's delivery."
UEM Sunrise CEO Anwar Syahrin Abdul Ajib
UEM Sunrise recently completed its $800 million flagship Australian project, Aurora Melbourne Central, located in the Melbourne CBD.
The residential component of Aurora had strong sales success, with 95 per cent of stock selling out within two weeks of launch and 100 per cent of the project sold prior to completion.
Business News Australia
Author: Business News Australia