510 Church Street

Merricks Capital provided construction finance for the commercial office development at 510 Church Street in Cremorne. The project will have a completed end value of $240m and comprise 20,000 sqm of A-Grade premium office space. The development has secured anchor tenants builder Kane and Monash IVF.

Lending restrictions have made conditions difficult for both banks and developers which has hamstrung the industry, will less development and investment resulting in slowed economic growth.

These circumstances were exacerbated by the COVID-19 pandemic. “The 510 Church Street development is an example of a complex challenging deal which saw many potential financiers back out. Cremorne is an up-and-coming business district, and we expect this A-grade development to draw high-profile tenants out of the Melbourne CBD.” Andrew Torrington, Managing Director (Investments).

We provided funding certainty to both the developer and builder after works on site were stopped due to another lender pulling out of their funding commitment last minute due to the global pandemic.