Developer Riverlee commits to $190 million Richmond tower
Developer Riverlee is set to build a $190 million, 16-storey commercial tower in Richmond, amid growing demand for progressive offices located outside Melbourne’s CBD.
The commercial tower will sit next to Burnley Station, at 484 Swan Street, and feature 17,650 square metres of lettable space alongside retail outlets, bookable co-working spaces, and 1,500 square metres of terraces and greenery.
A pedestrian walkway lined with food-and-drink outlets will provide direct access to Burnley Station, and, in keeping with the large number of millennial-focused companies in the area, a rooftop terrace will provide barbecue facilities, exercise spaces, and 180 degree views of the Dandenongs and Melbourne’s CBD.
“It’s designed to offer an enviable office work-life balance,” Director of Savills Australia Office Leasing Phillip Cullity said of the Technē-designed space.
Offices will be flexible, column-free, and arranged in layouts that businesses can easily reconfigure to their needs.
Together with the building’s 5-star Green Star rating and Gold WELL rating, the flexible office layout makes it “perfectly suited for the new wave of socially-minded and environmentally-conscious companies,” according to Riverlee Development Director David Lee.
“484 Swan Street offers the chance to join a growing movement of businesses who are choosing to move into the Richmond and Cremorne area, to offer more imaginative, inspiring and progressive environments for their people,” he said.
Riverlee’s announcement comes as a combination of low office vacancy rates in Melbourne’s CBD and increased demand for hipster-friendly office space has encouraged a wave of tech firms to relocate to Richmond and neighbouring Cremorne.
The once industrial, working-class suburbs are now collectively being touted as “Australia’s Silicon Valley”, with accounting software business MYOB, CarSales.com.au, and realcommercial.com.au owner REA Group already operating in the area, and online job advertising platform Seek recently announcing it would soon be joining them.
According to commercial real estate group Knight Frank, the increased demand for offices in Richmond and Cremorne has caused rents to almost double in the past five years alone.
The building will feature flexible offices and a pedestrian walkway lined with food-and-drink outlets that connects directly to Burnley Station. Picture supplied
