Richmond’s Evolution: Melbourne’s Next Business Hub

Richmond, a suburb known for its dynamic evolution from manufacturing hub to residential hotspot, is embarking on a new chapter as it becomes a focal point for office development. Nestled in Melbourne’s inner-east, Richmond has witnessed the completion of several mid-rise buildings since 2021, with more innovative developments on the horizon.

Since the beginning of 2021, Richmond has seen the rise of seven new buildings, each ranging from 7 to 10 storeys. This rapid development underscores the suburb’s appeal as an evolving business district. Currently, an additional 10 projects have been either greenlit or are under construction, promising to further transform the urban landscape.

Among the exciting new ventures is a proposed seven-storey office building slated for the area east of Church Street. This project, currently under review by the Yarra City Council, is designed by KUD Architects and promises to offer a modern twist on workplace environments. The building will feature 2442 square metres of net lettable office space, enhanced by terraced areas on the third and sixth levels, providing an open, airy feel to its architecture. A notable design element is the ground floor void, offering expansive views of the lush canopy trees, creating a serene visual connection to the natural surroundings.

The project also prioritises sustainability and accessibility, incorporating a basement level equipped with a car stacker and comprehensive end-of-trip facilities to support cycling and other forms of commuting.

Highlighting the area’s growing desirability, the recently completed seven-storey office building at 19 Cubitt Street, Cremorne, just west of Church Street, has been put up for sale. Labelled as “Melbourne’s most sought-after city fringe” by real estate agents, this building stands as a testament to the suburb’s burgeoning status as a commercial hub. The property, which offers 1342 square metres of office space, is currently 83% leased, with features including single-tenant floors, end-of-trip pods, public meeting rooms, and a private rooftop terrace.

Tim Carr, a senior executive at JLL, commented on the building’s strategic placement and its proximity to prominent companies such as Adidas and Carsales.com.au. “Nineteen Cubitt Street is one of the only new office assets in Victoria to be presented for sale recently, reflecting the strong market demand,” said Carr.

Supporting the wave of developments, a report from Urbis has detailed 17 projects that are shaping Richmond and Cremorne’s future. This report accompanies the proposal for the office and furniture store development at 13 Amsterdam Street, evidencing the strategic economic growth within the Church Street commercial area.

The Urbis report highlights the ongoing transformation within the Church Street precinct, noting the increase in building scale and the introduction of higher density developments. These changes not only enhance the economic landscape but also integrate seamlessly with the existing lower-scale residential context, preserving the character of the wider Barkly Gardens Precinct.

As Richmond continues to evolve, these developments are set to redefine its identity, transitioning from a traditional suburb to a vibrant commercial and residential enclave, ready to meet the future demands of Melbourne’s growing population.