Cremorne rents surge as office takes root.
The local arm of the Walt Disney Company is making the move to Cremorne, the former industrial Richmond suburb shaping up as one of Melbourne’s hottest office markets.
Disney is hot on the heels of online jobs board Seek, which last week confirmed its move to Cremorne Properties’ 20,000 square metre new building at 60 Cremorne Street.
Disney and Seek will be joining other tech companies, MYOB, the REA Group, Carsales.com.au, Tesla, Uber and Vinomofo in the precinct which stretches from Church Street to Hoddle Street between the Yarra River and Swan Street.
The US conglomerate will shift from the Como Centre in South Yarra over the river to the 658 Church Street business park.
Artist’s impression of the proposed office building for 600 Church Street, Cremorne.
Giant investment group BlackRock paid $45 million for Building 10 in March last year.
Since then, net effective rents have surged more than 22 per cent, according to research from Colliers International.
Disney has signed a five-year lease on the 2657 sq m space, paying in the low-to-mid $400 a square metre, in a deal negotiated by Colliers agent Travis Myerscough.