Rare Permitted 10-Storey Development Site In Surging Melbourne CBD Fringe Precinct

Posted on 30th April 2024

A recently rezoned site in one of Australia’s most in-demand precincts has come to the market with a new permit for a 10-storey commercial development.

Fitzroys’ Shane Mills and Chris Kombi are marketing 358-360 Swan Street, Richmond for sale via Expressions of Interest closing Thursday, 9th May at 3pm.

Located just 3 kilometres from the Melbourne CBD and recently rezoned to Commercial 1, the 491sqm site is currently improved by a single-storey 430sqm showroom building and is being offered with vacant possession.

The newly approved planning permit received from the City of Yarra comprises a 10-level commercial building with basement and ground floor car and bicycle parking, ground floor retail and café area, and nine levels of office space, with a total net lettable area of 3,043sqm.

“This offers a rare permitted site in one of Melbourne’s most valuable and in-demand commercial and residential precincts,” Kombi said.

“More Melburnians are looking for highly accessible locations close to high-quality retail, hospitality and lifestyle amenity to live, work and play at a time of flexible work arrangements.

“The Richmond and Cremorne office market is arguably the hottest city fringe market in the country, situated around the Swan Street retail and lifestyle precinct that is among Melbourne’s most vibrant throughout both day and night.”

Commercial occupiers in and around the area include Carsales, Seek, Disney, Tesla, NDIS, MYOB, Adidas, Red Energy, Reece, 7-Eleven, Uber, Mattel, REA Group and 2XU, while east along Swan Street, Australia Post’s new Melbourne headquarters is under-construction as part of a $460 million, 35,000sqm new office and community precinct at the corner of Burnley Street that will elevate the existing amenity and compliment the nearby Botanicca Office Park which is home to David Jones, GE and Country Road.

“The Richmond and Cremorne market, Melbourne’s own ‘Silicone Valley’. continues to attract businesses ranging from brand-new start-ups and tech firms to major companies,” Kombi said.

“There is clear ongoing demand from businesses for office space of all sizes in this market, as evidenced by the take-up number of commercial projects in the area and persistently low vacancies compared with the rest of Melbourne. These factors are also contributing to strong rental growth prospects.”

Mills said, “Swan Street offers a plethora of international, national and local retailers and supermarkets together with a lively restaurant, café and bar culture, home to Melbourne institutions such as The Corner, easily accessible by tram and train and moments from Melbourne’s world-famous sporting precinct, which includes the MCG, AAMI Park and Rod Laver Arena”.

Teneketzis said the property is a short distance to both East Richmond and Burnley train stations, with trams running along Swan Street and along nearby Church Street, further enhancing its accessibility and amenity.

“The property’s proximity to the Melbourne CBD and major transport links such as the Monash Freeway and Punt Road also make it an attractive proposition for businesses seeking exposure and an accessible location."