Investor Scoops Up Cremorne Studio Warehouse

A Melbourne based private investor has paid $1.855 million for an office, studio and warehouse building at Cremorne (Richmond) in Melbourne’s inner east.

According to marketing agent, Teska Carson’s Matthew Feld, the property drew strong enquiry during the marketing campaign producing four bidders at a well-attended auction, who drove the price well beyond the vendor’s reserve.

"The property represented an exceptional opportunity to acquire a commercial property asset in one of Melbourne’s most sought after residential/commercial areas," he said.

"Properties such as this, in such popular precincts and so close to the CBD, are becoming increasingly rare as the demand for inner city assets intensifies, and the enquiry and price reflected that."The 23 Cremorne Street property is located in the heart of Cremorne and within easy reach of Richmond railway station and trams, Swan Street shops, restaurants and cafes. It is also within close proximity of major road networks including CityLink, the Monash Freeway, and Punt Road,The 300 square metre, two-level building comprises a warehouse/studio or office on the ground floor and office space on the first floor on a Commercial 2 zoned, 215 square metre site with on-site parking.

Mr Feld said the property was sold subject to a short term lease at an annual rental of $49,200.