The popularity of Cremorne’s Green Street for office development continues with another project approved.
The City of Yarra council granted planning permission for developer Riverlee’s nine-storey office tower on April 18.
CoreLogic property records show the 313sq m site at 99 Green Streetwas sold in December, 2021 for $3.7 million.
Riverlee lodged the plans by 6 Degrees Architects in mid-2022.
The developer plans to target small to medium businesses looking for 150sq m to 230sq m of lettable office space.
Cremorne has during the past year been a focus of developers and investors looking to acquire premium grade office space in Melbourne’s CBD fringe suburbs.
Premium grade office space is being tipped as the carrot to dangle to get workers back to the office instead of working from home.
Many are still reluctant to commute into the CBD for work with office locations near amenities in city-fringe suburbs considered a compromise.
This thinking spurred a flurry of investment in 2022 in such locations as Cremorne, South Melbourne, South Yarra, Richmond and Brunswick among others, driving residential and office sector projects and transactions.
