The going rate for Commercial 2 zoned land in Melbourne’s trendy Cremorne appears to have increased about $600 per square metre in just nine months
Colliers International sold 94 Balmain Street (pictured, top) last week for $3.215 million following an auction contested by five parties.
It sold on the 83rd bid.
The deal values every square metre of land at $13,622 – making it one of the priciest precincts outside of the Melbourne CBD.
Last September, we reported, exclusively, that a collection of terraces in Stephenson Street, Cremorne, on land zoned Commercial 2 – like 94 Balmain Street – sold for a price reflecting a land rate of just under $13,000.
The precinct, which has become one of the most competitive for renters and purchasers, is set to be identified with a skyline, soon, with major buildings under construction including 17-21 Harcourt Parade, which will be home to software giant MYOB after 2020.
Gus Cooper and Michael Gannon’s Cremorne Properties is also building in the area: 60-88 Cremorne Street is earmarked for a seven-storey, 19,300 sqm building, after a pre-commitment by employment website Seek, which will relocate from St Kilda Road.
Last week, we reported that Mr Cooper and Mr Gannon were proposing an office complex at 68-88 Green Street, Cremorne, set to include two buildings, of 10 and four storeys, and a public plaza (artist’s impression, top) .