Pallas Capital invites eligible investors to participate in this First Mortgage Pre-Development investment opportunity located in Cremorne, a vibrant office and retail precinct located 2.5km east of the Melbourne CBD.
First Mortgage Cremorne
The purpose of this loan is to settle the development site and fund pre-paid interest for eight months. It already has a Planning Permit for the delivery of 9,250sqm NLA over eight storeys. Features include an extensive street frontage, ground floor food and beverage retailing, end of trip facilities, and floor plates up to 1,350sqm with wrap around terraces to selected levels.
Emerging in 2018, Cremorne and Richmond have become known as the ‘Silicon Valley’ of Melbourne, having attracted landmark tenants including Uber, Seek, Car sales, MYOB, Val Morgan, REA Group. As at H2 2019, approximately 35% of tenants in Melbourne’s Inner East (Cremorne, Richmond, Collingwood, Abbotsford) operated in technical, information media or telecommunications services.
The Developer has successfully purchased under contract, 8 separate titles for the approved development scheme. Consolidations of this size are not common within Cremorne, due to the difficulty in aligning multiple smaller land holdings. The subject sites permit approved scheme for an eight storey commercial development far exceeds this preferred height limit and is widely considered an exceptional result in the local market.
It is likely that the subject property will remain one of the few developments within Cremorne offering larger scale floorplates over 1,000m2.
2) Swan Street Retail Precinct
4) Fitness First
5) East Richmond Station
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