Icon Developments will boost its property portfolio with the development of an $80 million commercial office building in trendy Cremorne in Yarra’s inner-east, in partnership with Zagame Group.
The Kajima Corporation-owned group will develop the 1490sq m commercial-zoned site at 116 Cremorne St, currently a Lotus dealership, with existing landowner Zagame Group.
Zagame Group lodged plans with the Yarra City Council last year for a 10-storey tower and two-level basement on the site. It would create 6868sq m of office space, a cafe on the ground floor, 66 car parking spaces, 38 bicycle spaces and a pocket park.
Architects Fieldwork said the design of the building would bring together principles of sustainability, social activation and urban scale, and it “takes cues from the current urban condition in the podium and the future urban scale of Cremorne”.
Emerging from its manufacturing roots, Cremorne is undergoing a transformation to become known as “Silicon Yarra”, a hub for tech and creative companies.
Plans for the site were advertised in November last year, but Yarra City Council is yet to formally grant a planning permit. Icon Developments and Zagame Group are currently working through a request for information and urban design referral process with the council.
Icon Developments chief executive Matthew Bourke said the three organisations would occupy a significant portion of the new building with their headquarters to be based at the Cremorne site.
“We are looking forward to having a new home for the ICON and Kajima group while collaborating with our joint venture partners to create an exceptional commercial office building,” Bourke said.
“Our newly-announced projects are in city fringe locations, a market we believe will be supported in the medium-longer term as companies continue to decentralise out of the CBD.”