The reputation of Cremorne and Richmond as Melbourne’s office hotspots shows no signs of slowing down, as more tech occupiers look to establish a presence in the suburbs. 

Research from CBRE published last year showed that, outside of Melbourne, Richmond is home to the highest number of co-working spaces of any Melbourne suburb, followed by Cremorne. 

The fringe area has also drawn in larger firms such as Uber, Myob, CarSales.com, Tesla and Seek.

Matt Hoath, Director of Melbourne realtor Gray Johnson, told WILLIAMS MEDIA the transformation of the area has been “immense for the past two or three years”.

“Cremorne is probably the hottest suburb to get an office at the moment,” he said.

“Some of the sales results are up around $14,000 per square metre in Cremorne, which is becoming a mini silicon valley.

“It’s further advanced than in other areas such as Collingwood.”

At a glance:

• A landholding at 488-490 Swan Street, Melbourne is for sale through Gray Johnson.
• Swan Street has undergone significant change throughout the past few years, led by the redevelopment of the Dimmey's site and the establishment of Botanicca Corporate Park.
• Yarra City Council will table a proposal towards the end of the year which includes rezoning sections of Swan Street currently zoned as Commercial 2 to Commercial 1.

Gray Johnson currently has a property listed for sale at 488-490 Swan Street, near where much of the activity has occurred throughout the past few years.

The landholding of about 1165 square metres comes with significant development options and has a preferred maximum building height of 40 metres (10 storeys) approx. S.T.P.A.

Situated between Burnley Street and Stawell Street, the showroom/warehouse comprises a building area about 935 square metres and boasts high profile neighbours such as Zagame Automotive Group, Winning Appliances, Stonehaven Homes, Green Leaves Early Learning, Friends of Mine Cafe, Red Rooster, KFC and Jati Furniture.

Other notable Swan Street projects include the redevelopment of the Dimmey’s site to house New York-style apartments and the establishment of Botanicca Corporate Park.

Earlier this year, private developer Riverlee launched a $190 million commercial tower at 484 Swan Street opposite Burnley Station as part of a commercial overhaul of the precinct.

The property at 488-490 Swan Sreet, Richmond that is listed for sale by Gray Johnson. Source: Gray Johnson

The street’s rapid transformation has not gone unnoticed by Yarra City Council, which is proposing to introduce new planning controls for Swan Street, Richmond (between Punt Road and Park Grove) and the surrounding area, “to help manage future development, protect heritage and support employment in the area”.

Submissions are set to be reviewed later in the year for Amendment C191, which includes rezoning the sections of Swan Street currently zoned as Commercial 2 to Commercial 1. 

This will mean that sites that had previously catered to commercial projects would be available for mixed-use developments and residential opportunities.

Mr Hoath said while the amendment will provide more flexibility for developers, much of the demand remains in the office market.

“There has been an undersupply of office buildings in the city fringe, which is why most developers are chasing office sites,” he said.

“That’s just been the trend.”

Click here to view the listing for 488-490 Swan Street.

For more information about the property, email or phone Rory White via the details provided below.

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