Icon to Sell Unbuilt Richmond Office Building in Melbourne’s ‘Tech Hub'

Melbourne-based developer Icon Development Group have put their 1031-square metre site in inner-east Cremorne on the market with price expectations above $45 million.

The development site is located at 594-610 Church Street, Cremorne. Icon reportedly paid $6.6 million for the property in August last year.

Icon submitted an application to council in August for an eight-storey office building, designed by Woods Marsh, with 5,159 square metres of ground floor retail space, three basement carpark levels and a communal rooftop garden.

The City of Yarra is yet to grant development approval for the project.

[Eight-Storey Office Building Proposed To Join Cremorne’s Tech Hub]

Colliers International are marketing the project as a "fund through" deal in which the incoming owner would fund the construction under a development management agreement. The property is also marketed with a five-year rental guarantee.

Land values in Cremorne have reached nearly $12,000 a square metre -- a 54 per cent leap over 12 months.

The Australian arm of the Walt Disney Company is the latest company to make the move to Cremorne, joining Seek, Uber, REA Group, Tesla and Uber in the area.

The Church Street building will be covered in an exoskeleton façade consisting of glazing, concrete and coloured glass.

The site, on the south-west corner of Balmain Street, was the headquarters of butter manufacturer Nuttelex until recently.