Agents prepare for influx of interest in prime development site in popular city fringe suburb
A prime development site in one of Melbourne’s most popular inner city precincts is expected to attract keen interest with its approved permit for a modern office building.
Colliers International’s Jeremy Gruzewski and Ted Dwyer, in conjunction with Matthew Feld and Larry Takis of Teska Carson, have been appointed to sell 33-41 Balmain Street in Cremorne by Expressions of Interest closing June 9.
The 669sqm vacant parcel of land sits in the heart of one of Melbourne’s hottest and most sought after inner city precincts in Cremorne.
“Cremorne has rapidly become an on-trend location, offering an abundance of amenity both in and around the immediate area,” Mr Gruzewski said. “With its eclectic mix of both residential and commercial spaces, the 3121 postcode is a valuable and sought after asset.
“This site in particular will be snapped up, given it possesses the luxury of an approved planning permit with ready-to-go plans for a sleek and modern, loft-style, four level office building with ground level car parking and stunning rooftop terrace.
“The flexibility in the creative design of this proposed commercial space is exceptional. An opportunity like this in such a sought after location is extremely rare."
Mr Dwyer said the development would suit all buyer groups, giving owner occupiers the chance to build around their needs or, alternatively, providing developers or investors with the ability to purchase, develop and lease out a fresh and creative commercial space in one Melbourne’s most sought after city fringe suburbs.
“The approved permitted plans are designed to create flexibility, with adaptable floor plans to suit individual requirements,” he said. “With high ceilings, exposed brick and separate terraces on each level, this stunning concept has the versatility to morph into luxury residential apartments in years to come should the Cremorne precinct benefit from a rezone."
The site, which has an expansive frontage to Balmain Street as well as rear laneway access, is situated in a prime position just off Church Street, only 3km from the Melbourne CBD and with easy access to an abundance of thriving amenity in Richmond.
Melbourne’s Botanical Gardens and major sporting precinct – including the MCG, Melbourne Park and AAMI Park – were situated nearby. Richmond’s popular Swan Street, Church Street and Chapel Street retail strips were also within walking distance.
“33-41 Balmain Street offers its potential buyer a blank canvass to create trendy office space, nestled in one of Melbourne’s sought after locations,” Mr Feld said.