BRAND NEW Five Story Building Fully Leased by CRS.
As part of our multi-faceted service delivery, CRS is proud to announce that the property situated at 243 Flemington Road, North Melbourne is now fully leased.
Comprising a ground floor medical centre, café, first floor childcare centre as well as 19 residential apartments, the property was ideally located opposite the hospital precinct on Flemington Road.
Confirming the interest shown in the commercial component of the property and by way of example, CRS Commercial secured Royal Park Medical as the ground floor anchor tenant. The transaction was finalised with the key tenant undertaking a ten (10) year net lease at a passing rental of $500m2. Rental reviews were 3% annually with the usual market reviews at commencement of further terms.
Our proactive residential team, CRS Residential has leased the two bedroom apartments at terrific rentals ranging from $580 and $650 per week. The one bedroom apartments were leased at $390 to $450 per week.
Key to these results were the interest generated via students of the University of Melbourne and from professionals who are based at the opposite hospital precinct.
“Securing key commercial occupants in concert with leasing up the residential spaces enabled members from both our commercial and residential teams to work in harmony to create a fantastic result for our client” said Lincoln McConnell-Brown, Senior Principal and Head of Asset Management for CRS Property. “The rentals achieved by our residential team set a new benchmark in the North Melbourne area” he added.
CRS was able to bring together key resources across our Commercial, Residential and Marketing teams to produce the optimum result for our client both initially, and long term with ongoing asset management.
For further info, please contact George Petropoulos (Commercial), Cici Yang (Residential) or Lincoln McConnell-Brown (Senior Principal).