As the Victorian Richmond/Cremorne area emerges as a premier office location and a hub for the tech industry, Building 10 at 658 Church Street was sold at the end of 2019 for $92.525 million. The building was put to market by CBRE’s Kiran Pillai, Scott McGlone, Josh Rutman and Lewis Tong, together with Colliers International’s Rob Joyes, Adam Woodward, Peter Bremner and Rachael Clohesy.
Building 10 is a six-level building with 7,959 sqm of space and a two-level, 279-space basement car park; it was completed 2002 by Multiplex. The building originally formed part of the Richmond Power Station site, purchased by Walker Corporation in 1994, and was redeveloped into several office buildings all at 658 Church Street. Its tenants include Bill's Cafe, Walt Disney and NAB Business Banking.
The building was bought through Carolbridge Pty Ltd, a subsidiary of A.B.L. Fiduciary Corporation Pty Ltd. A.B.L Fiduciary is owned by around 30 private individuals.
The property last traded at $45.5 million in 2016. The sale at $92.525 million represented an initial yield of 4.82% on a passing income of $4,460,000.