Disney to live happily ever after in Cremorne
The Walt Disney Company’s Melbourne arm will move to a new office in Cremorne, after inking a new lease.
Disney, which currently occupies space in South Yarra’s Como Centre, will take an entire level in Building 10 at 658 Church St, in a deal worth well over $1 million annually.
The entertainment giant will take over Smartgroup’s lease on the 2657sqm space on a five-year agreement, with options.
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Colliers International’s Travis Myerscough negotiated the deal on behalf of a client advised by asset management firm BlackRock.
Myerscough says Disney saw appeal in Cremorne – a small pocket south of Richmond that has a growing reputation as an office precinct.
“Disney’s lease at the Como Centre was coming to an end and the company wanted a change in scenery without moving to St Kilda Rd or the city,” Myerscough said.
“Building 10, 658 Church St presented one floorplate with extensive natural light, CBD views and proximity to public transport and high-quality amenity, ensuring ease of access, convenience and ongoing appeal for staff.”
Myerscough says Cremorne is now so popular that spaces of substantial size are scarce.
“There is now no office space of more than 1000sqm in the Cremorne commercial precinct available for direct lease,” he says, adding that spaces unlocked by departing brands Country Road, Just Group and Seed Heritage have been quickly snapped up.
“This is a testament to the area’s lasting tenant appeal and occupant satisfaction.”
“This diversification of tenant profile and demand from new sectors is driving Cremorne’s increasing popularity. Being a key lifestyle suburb, major corporates are eager to secure space to enhance staff satisfaction levels – people can live and work in the same area.”
