Richmond Triple Treat

Posted on 01st May 2020

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Melbourne’s booming city fringe hub of Richmond and Cremorne continues to attract office tenants, from major names in tech to smaller businesses working from home office-style premises.

Fitzroys Agency Executive Lewis Waddell has fully leased a mixed-use home office and retail building in the popular location to new tenants bridal studio By Kinsman, Steve Domoney Architecture, and fitness centre The Gym.

Three three-level home offices of 180sqm at 420 Church Street, Richmond were leased for $55,000 per annum gross each, on a mix of two- and three-year initial lease terms with options to extend.

Waddell said that despite uncertainties created by COVID-19, the last two remaining home offices were leased at the beginning of the month.

He said tenants were attracted to the recently updated, modern building’s high quality, prized city views and a terrace balcony, and its prime positioning in the heart of the Cremorne and Richmond activity zone, just metres from the Swan Street retail and lifestyle precinct.

“The architecture firm was renting an apartment and an office in Melbourne and is now able to do both due to the layout of these properties. Each has a large ground floor space that can be used as an open-plan office, personal training space or bridal studio, in these cases,” Waddell said.

“While headlines around the Richmond and Cremorne office market are dominated by high-profile companies such as Seek, Tesla, Disney, MYOB, Domain and Carsales, smaller businesses have also rushed to take up boutique and individual offices in the area.

“These leases demonstrate the allure of Cremorne and Richmond extends beyond recently completed, high-profile developments to existing smaller stock that offers the same accessibility and close proximity to Swan Street.

“More Melburnians are looking to live, work and play in inner-city locations, and be close to the action.

“In the short-term, Swan Street’s unique mix of food and beverage offers high-quality and unique coffee and takeaway options for local residents and workers, and those tenants with a longer-term view are keen to have dining and nightlife options nearby.”

Waddell said accessibility is also an increasingly high priority for businesses looking to find a home on the city fringe.

The property benefits from its close proximity to busy Richmond train station, as well as East Richmond station, and tram routes along Swan Street and Church Street, and has secure basement car parking and storage room.