PEREGRINE Projects will begin construction in July on its first office project, an eight-level, 9,340 sqm office building at 175 Burnley Street in Richmond.
Colliers Matt Cosgrave and Rob Joyes, together with Anthony Park and Joshua Jennings of CBRE are leasing the project.
Tenants are expected to move into 175 Burnley Street from December 2020.
Designed by Jackson Clements Burrows, the building will offer flexible floor spaces, four sides of natural light, 122 secure basement parking spaces, a rooftop terrace with uninterrupted city views, and a flagship ground floor hospitality space.
Joyes said demand for city fringe office space, east of the CBD, had increased markedly in 2018, with tenants on the hunt for striking, flexible workspaces.
“With Melbourne’s inner east office market traditionally tightly held, we are anticipating this standout new building will hold great appeal to tenants,” he said.
“This location offers the best of both world’s – it allows occupants to base themselves within the sought after Richmond office market whilst also offering easy access to other inner east hot spots such as Kew and Hawthorn.”
Joyes said limited supply in the inner east was likely to point tenants to other pockets of Richmond, particularly the eastern area around Botannicca, Victoria Gardens and Burnley Street.
“This pocket, and the high quality office buildings located within, are likely to pick up some of the strong demand from the inner east that will spill over into surrounding precincts,” he said.
Nearby Collingwood is also taking off, where Peregrine has retained much of the circa-3,000 sqm 60-88 Langridge Street property that is expected to make way for another commercial development. Last year, it sold just over 1,050 smq of the site to Tribe Hotel Group.
Australian Property Journal
