Victoria’s richest woman doubles down in Cremorne
Victoria’s wealthiest woman, Naomi Milgrom, has put her faith in the emerging technology precinct in the inner-Melbourne suburb of Cremorne, with the entrepreneur tipped to be laying out close to $95 million to add to her holdings in the area.
The property acquisition would add to the fashion stalwart’s recent activities that include backing energy finance group Brighte that is making a push into the $35bn Australian home-improvement sector.
The entrepreneur’s father, billionaire Marc Besen, has also been busy and backed the Home Consortium float that has soared since listing this month as investors back its focus on convenience retail.
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But the Sussan owner’s Cremorne property purchase is a classic office play.
The acquisition would see Milgrom emerge as owner of an office block that sits next to another building she picked up just two years ago in a Cremorne development that has drawn in funky, creative and hi-technology companies.
The retail entrepreneur, who has an estimated $557 million fortune, will be more than doubling its exposure to the development.
Her private company, Stormvalley, in 2017 bought building 8 at 658 Church St in Cremorne.
Melbourne entrepreneur Naomi Milgrom.
It paid Perth-based Property Bank Australia about $44 million for that complex.
Now she is buying the building 10 at 658 Church St in a near $95 million deal struck with US funds house BlackRock.
The complex was sold by CBRE’s Kiran Pillai, Scott McGlone, Josh Rutman and Lewis Tong and Colliers International’s Rob Joyes, Adam Woodward, Peter Bremner and Rachael Clohesy.
But the move helps diversify Milgrom’s wealth and shows the strong take up of space in fringe locations that ring major CBDs, partly as rents soar and workers want more convenient suburban locations.
The three-level building has a net lettable area of about 8000sqm and is leased to high-profile tenants including the Walt Disney Company, National Australia Bank and the recently secured STA Travel.
Richmond and Cremorne’s office precinct has been overhauled over the past several years and is now considered one of Melbourne’s most accessible areas, with Collingwood offices also emerging as an option for creative tenants.
The deal also shows the huge jump in value as BlackRock bought the complex for $45 million in 2016, but also won fresh tenants and improved the building.
The presence of global brands such as Tesla, Uber, and 7 Eleven in the area is driving strong demand from new occupiers. Others to go there include Seek and MYOB and Charter Hall and Salta are building more offices.
This article originally appeared on www.theaustralian.com.au/property.
