MELBOURNE 9 September 2021: Developer Alfasi Group has moved to divest a 50% interest for its brand new 10-storey office tower at 510 Church Street, Cremorne and is being brought to market by Cushman & Wakefield with price expectations in excess of $125 million.
The newly completed development is the latest in the rapidly growing Cremorne office market, with the building almost fully leased with a WALE of over seven years. Occupants include a range of government and ASX listed Tenants.
Comprising 20,000sqm of net lettable area, Alfasi Group commenced construction of the A grade commercial office building in 2019 with completion due in October this year. The building has tiered floor plates ranging from 2,600 sqm on the lower levels to 1,400 sqm on the top level, providing tenants with coveted flexibility.
510 Church Street is built to an A-Grade standard and is a “Smart Building” offering exceptional tenant comfort, productivity and amenity, including market-leading end of trip facilities and a roof top offering. It also offers basement car parking with 145 bays. The building boasts stunning uninterrupted views to the CBD and excellent natural light from all elevations
Cushman & Wakefield’s Capital Markets team including Leigh Melbourne, Nick Rathgeber, Josh Cullen and Mark Hansen have been exclusively appointed by Alfasi Group to sell the 50% interest via an international expressions of interest campaign.
Cushman & Wakefield’s Leigh Melbourne, said “510 Church Street presents a rare opportunity to partner with Alfasi Group, and we expect local and international investors will be attracted to strong tenant covenants on long leases in a brand-new state of the art building.”
“We are seeing the Cremorne office market emerge as a genuine competitor to the CBD, with Alfasi Group’s latest project completing the wave of well-leased developments within the precinct.” Mr Melbourne said.