The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
JUST 12 DAYS LEFT UNTIL OUR FLAGSHIP CONFERENCE JOIN MORE THAN 550 ALREADY ATTENDING
JUST 12 DAYS TO GO UNTIL URBANITY-25 550+ ALREADY ATTENDING
REGISTER NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
ResidentialStaff WriterTue 30 Jun 15

Cromwell Offloads South Melbourne Asset

1

A private offshore investor, with a locally-based fund manager, has acquired a South Melbourne office building for $30.75 million in an off-market deal.

Colliers International’s Leigh Melbourne and Rob Joyes have negotiated the sale of 10-16 Dorcas Street in South Melbourne on behalf of Cromwell Property Group.

Cromwell purchased the asset as part of a portfolio from Pacific Shopping Centres in 2013. The portfolio also included the Australian Tax Office building at 11-13 Robinson Street in Dandenong and an industrial facility in Melbourne’s west.

The Dorcas Street property was 100 per cent leased until November 2019 to one of the world’s largest telecommunications service providers, Dimension Data Australia Pty Ltd, a wholly owned subsidiary of Nippon.

The eight-level, 7,608sqm office building, which included a basement and 88 car spaces, was recently refurbished for Dimension Data.

Mr Melbourne said 10-16 Dorcas Street was positioned in a prime location only 1.5km from the CBD, opposite the Botanical Gardens and the Shrine of Remembrance.

“Not only does the property have outstanding future residential re-development prospects given the zoning and height limit applicable, it will also benefit from strong income growth over the medium term as the St Kilda Road vacancy declines following over 100,000sqm of office stock withdrawal over the next five years,” he said.

Mr Joyes said South Melbourne was a highly sought-after precinct, particularly among creative industries such as architectural and design firms and advertising and media agencies.

“This investor recognised the future potential to reposition the building at lease expiry and leverage value from current demand from tenants looking for space in the sub-1000sqm market, which is very hot at the moment,” he said.

ResidentialOfficeIndustrialAustraliaMelbourneReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
GYG EDM
Exclusive

GYG Reveals Real Estate Tactics Behind 1000-Store Growth Plan

Clare Burnett
7 Min
Kurraba Point 93 Kurraba Road TUD PLUS
Residential

Council Over Court: How HFO Won Rare North Sydney Approval

Vanessa Croll
7 Min
Exclusive

Why Sentinel is Betting Big on Olympic City Office Sector

Phil Bartsch
5 Min
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
View All >
Stamford Capital Peter O'Connor presents on the debt market.
Markets

Thin Underwriting, Pushy Practices: Banks’ Gripes on Private Credit

Taryn Paris
Sponsored

Covering the Gaps: How iCreate Fixes Common Developer Marketing Traps

Marisa Wikramanayake
Rider Levett Bucknall's latest Construction Market Update for Q2, 2025 shows that overseas conflict is creating supply chain disruption and increased construction costs.
Construction

Supply Chains Battered as Overseas Conflicts Rage On

Marisa Wikramanayake
Global conflict is disrupting supply chains and driving up costs, say quantity surveyors Rider Levett Bucknall…
LATEST
Stamford Capital Peter O'Connor presents on the debt market.
Markets

Thin Underwriting, Pushy Practices: Banks’ Gripes on Private Credit

Taryn Paris
1 Min
Development

Covering the Gaps: How iCreate Fixes Common Developer Marketing Traps

Marisa Wikramanayake
4 Min
Rider Levett Bucknall's latest Construction Market Update for Q2, 2025 shows that overseas conflict is creating supply chain disruption and increased construction costs.
Construction

Supply Chains Battered as Overseas Conflicts Rage On

Marisa Wikramanayake
4 Min
GYG EDM
Exclusive

GYG Reveals Real Estate Tactics Behind 1000-Store Growth Plan

Clare Burnett
7 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/cromwell-offloads-south-melbourne-asset