The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FIRST RELEASE TICKETS ON SALE FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FIRST TICKETS ON SALE FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
SEE DETAILSDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
RetailWed 21 Feb 18

Cremorne Development Transaction Continues Spate of Inner Melbourne Sales

5475ed12-5ed0-4e80-956f-b7d3be9f62b6

Boutique Melbourne-based developer CostaFox has purchased a Cremorne development site in inner-Melbourne for $12 million.

The 1180sq m site at 1-11 Gordon Street would be re-developed into a 5000-6000sq m office project.

The building was sold by Icon’s director Ashley Murdoch who had spent $7 million acquiring the site in two lots as a private investment. The Melbourne-based developer combined two lots to create the asset.

Cremorne’s office precinct has become popular with the creative and technology industries with property values and rents rising.

Related reading: Landlord’s Need to be ‘Flexible’ in a Changing Office Market

In late 2017 Icon put its 594-610 Church Street, Cremorne development site on the market with plans lodged with council for an eight-storey office building with retail space. The former Nuttelex building is located on the corner of Church and Balmain Streets.

CostaFox’s development business was set up with the backing of Costa Asset Management, a diversified agricultural, equity and real estate business chaired by Robert Costa. Managing director Michael Fox a former Little Projects development executive.

CostaFox late last year lodged plans for a 40-storey mixed-use tower in Melbourne's Fisherman's Bend precinct. Designed by Rothelowman, the mixed-use development will provide for a variety of uses including residential, retail, café and commercial office space.

Elsewhere in South Melbourne, CBRE hotels has sold the freehold investment in The Montague Hotel on a tight sub 4.5 per cent yield. The property was sold off market, with CBRE acting on behalf of the Fermanis family. The hotel is underpinned by an 18-year lease, with further five-year options, to its operator.

The Fermanis family is also currently marketing its Abbotsford pub, The Retreat Hotel.

RetailResidentialOfficeHotelMelbourneDeal
ADVERTISEMENT
TOP STORIES
Potts Point Coliving EDM
Exclusive

Co-Living Shrugs Off Stigma as Overseas Money Moves In

Clare Burnett
6 Min
Bankstown cbd in Sydney NSW EDM
Exclusive

Breaking Delivery Crisis Chokehold on NSW’s Biggest Housing Market

Vanessa Croll
7 Min
Healthscope Hospital EDM
Exclusive

‘Once-in-a-Decade’ Opportunities Rise in Wake of Healthscope Collapse

Clare Burnett
7 Min
Exclusive

Parking Upsize Threatens Fatal Blow to Project Feasibility

Phil Bartsch
6 Min
One New Zealand Stadium BESIX Watpac
Exclusive

Rising to a Challenge: How BESIX Watpac Topped Australia’s Builders

Clare Burnett
7 Min
View All >
NDH Property Group, a joint venture partnership between Evri Group and KDN, plans for two 13-storey towers in part 2b of the linq development.
Residential

Next Stage of Belconnen Precinct Goes Public

Renee McKeown
Brekky Creek Highrise DA Approval hero
Development

Historic Brekky Creek Hotel’s Highrise Neighbour Greenlit

Phil Bartsch
Sponsored

RWC Retail Moves $30m in Regional IGA Sales

Partner Content
The three deals drew more than 1000 enquiries as investor interest in Queensland’s supermarkets runs hot…
LATEST
NDH Property Group, a joint venture partnership between Evri Group and KDN, plans for two 13-storey towers in part 2b of the linq development.
Residential

Next Stage of Belconnen Precinct Goes Public

Renee McKeown
3 Min
Brekky Creek Highrise DA Approval hero
Development

Historic Brekky Creek Hotel’s Highrise Neighbour Greenlit

Phil Bartsch
3 Min
Retail

RWC Retail Moves $30m in Regional IGA Sales

Partner Content
2 Min
Potts Point Coliving EDM
Exclusive

Co-Living Shrugs Off Stigma as Overseas Money Moves In

Clare Burnett
6 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/cremorne-development-transaction-continues-spate-of-inner-melbourne-sales