October 4, Melbourne – A Cremorne supersite formerly part of the iconic Bryant & May match factory and later home to Hamilton Porsche is on the market through Melbourne agency Dawkins Occhiuto with price expectations north of $80 million. Charter Keck Cramer is acting as transaction advisor for the sale.
One of the largest single land holdings on Melbourne’s city fringe - just 3km east of the CBD - the 9715 square metre property offers significant potential for a major redevelopment.
The Commercial 2 zoned island site is contained within 11 allotments and offers an extensive 60 metre frontage to Church Street, extensive frontages to Chestnut and Adelaide streets along with the privately owned Russell Street to the south.
The property currently comprises a number of office, showroom and warehouse spaces across 7634 square metres of lettable area, with a number of quality tenants including Nick Scali and Fitness First (accounting for 77% of rental income) and an estimated fully let net income of $2.4 million. There are also 162 undercroft and open car spaces.
According to marketing agents, Dawkins Occhiuto directors Andrew Dawkins, Tim Grant and Walter Occhiuto, the property offers an exceptional opportunity to enter the precinct at scale with the potential for a landmark, staged development.
``We expect a site like this to create quite a stir in development circles based on its history, the all-around accessibility to a very large site, the flexible zoning and the significant income stream.
``Then of course there is the extraordinary and ongoing demand that this precinct has attracted in recent years and the confidence that developers will have around delivering a new project in such a strong market,’’ Mr Dawkins said.
He said an informed development concept for the site had been prepared by Rothelowman indicating a total gross floor area of approximately 44,000 square metres over 12-16 stories and 500 basement car spaces.
``While this scheme is one of many possible development scenarios and does not purport to represent the highest and best development outcome for the site, it nonetheless provides an indication of what, subject to council approval, this outstanding site may be able to deliver.’’
Constructed from 1909 and significantly redeveloped and partially restored from 1987 through to the early 1990s, the property originally formed part of the adjoining Bryant & May Factory complex.
Later the property had been the home of Hamilton Porsche with the German brand having been brought to Australia by vendor and race car driver, Alan Hamilton’s father Norman, in the early 1950s.
Tom Byrnes and Andrew Grant from Charter Keck Cramer are acting as transaction advisors.
The property is for sale by Expressions of Interest closing November 11 at 5pm.
