Silicon Yarra (Southern Richmond and Cremorne) continues to be Melbourne’s most highly sought-after office precinct, with the Fringe holding the lowest vacancy rate in Melbourne at 3.46%. This innovation precinct is so exclusive that many tenants are broadening their preference in locations due to rental increases and lack of opportunity.
Corporate tenants are turning to the newly revitalised Bridge Road retail and office strip, due to recently completed residential developments offering fresh amenity including cafes, restaurants and other renowned eateries. Previously abandoned clothing outlets are being re-energised as fashionable wine bars, cafes and boutique office space.
There has been a growth of Tier 1 occupiers within the precinct of Bridge Road and Vic Gardens, including established brands; Ford, Emerald Grain, Nova, SPC, Fonterra, BAE and Fleet Partners.
A trend that we have witnessed is tenants looking to move closer to their work force, due to excellent public transport linkages that this precinct offers.
We have seen quite a few tenants moving from Outer East markets, recent examples of this include MYOB, 7 Eleven, Reece and Fonterra all moving to the Richmond precinct.
543 Bridge Road is among several office developments in the Richmond precinct, as well as proposals including 175 Burnley Street, 588 Swan Street, 572 Swan Street and the Richmond Plaza development.
Enhancing the appeal and easing access, the recent widening of Bridge Road itself ensures that traffic is constantly on the move and Tram access into the CBD is timely for effortless commute and connectivity.
Bridge Road offers enviable access, an array of amenity and flexible offerings. To secure an inspection of the highly unique 543 Bridge Road office building please view the listing and contact the listed Colliers International agents.