510 Church Street
Merricks Capital provided Construction Finance for the speculative landmark office tower in Cremorne.
- $240M end value office tower
- 20,000 sqm of office space
- Construction Finance provided in July 2020 during a period of uncertainty due to Covid-19
Designed by Cox Architects, the A grade tower comprises 20,000 sqm of office space with generous floor plates ranging from ~1,700 sqm to ~2,600 sqm.
Cremorne has undergone a significant transformation during the last 2-3 years with several new office developments replacing former warehousing and cottage residential uses. Major occupiers to pre-commit to the precinct include Reece, REA, Domain Group, MYOB, and Seek.
The precinct is being increasingly recognised as a preferred location for major occupiers outside the Melbourne CBD. The site is supported by both tram and train, East Richmond Station is approximately 150 metres to the North.
The developer had stopped works on site due to another lender pulling out of their funding commitment at the last moment due to Covid-19. Merricks Capital was able to step in quickly and provide funding certainty to both the developer and the builder, and the builder was able to recommence works on site.