Colliers International leases 2,657sqm in Melbourne’s latest up-and-coming commercial lifestyle precinct
The Walt Disney Company is relocating to Cremorne from its Como Centre office in South Yarra, as more multi-national companies descend on the city-fringe commercial lifestyle precinct.
The Melbourne branch of the global corporation has committed to 2,657sqm on level three in building 10 at 658 Church Street, taking over Smartgroup’s existing tenancy, which in turn is moving to St Kilda Road.
Colliers International’s Travis Myerscough negotiated the five-year lease term with options, in the low- to mid-$400 per sqm range, on behalf of a client advised by asset management firm, BlackRock.
“Disney’s lease at the Como Centre was coming to an end and the company wanted a change in scenery without moving to St Kilda Road or the city,” Mr Myerscough said.
“Building 10, 658 Church Street presented one floorplate with extensive natural light, CBD views and proximity to public transport and high-quality amenity, ensuring ease of access, convenience and ongoing appeal for staff.”
Mr Myerscough said level three at 658 Church Street was the largest single floorplate available in the city-fringe office market when Disney committed.
“There is now no office space more than 1,000sqm in the Cremorne commercial precinct available for direct lease,” he said.
Mr Myerscough said backfill space from relocating long-term tenants, such as The Just Group, Seed Heritage and Country Road, was being quickly absorbed.
“This is a testament to the area’s lasting tenant appeal and occupant satisfaction,” he said.
“This diversification of tenant profile and demand from new sectors is driving Cremorne’s increasing popularity. Being a key lifestyle suburb, major corporates are eager to secure space to enhance staff satisfaction levels – people can live and work in the same area.”