- Adidas will have naming rights to the building
- The propery will become the new HQ for Ratio Consultants, and Adidas
- The site was acquired in 2021 for $26.9 million
The Fortis commercial development located at 65-81 Dover Street in Cremorne, Melbourne, has hit a pre-commitment milestone six months prior to construction completion. The leasing success leaves a single floor remaining, which Fortis said will launch to market with a leasing campaign in July.
The company said the average lease term at the 9,324 square metre development is 11 years.
Fortis acquired the 1,850 square metre site in 2021 for $26.9 million, with the estimated end value of the project at $130 million.
The Fieldwork Architects designed project will comprise eight storeys of commercial space, with retail offerings on the ground floor.
Adidas to have naming rights
65 Dover Street is set to become the new corporate headquarters for Ratio Consultants and Adidas for an initial 10-year term. The site will also be home to a new wine bar, cafe and deli by Mulberry Group (Hazel, Dessous, Lilac Wine).
Adidas will have naming rights for the completed building.
“The leasing success at 65 Dover Street is underpinned by a trend we have seen this year across several commercial sites being developed by Fortis on the eastern seaboard – the flight to quality has accelerated, and the demand for grade A retail and office space in city-fringe areas has remained robust,” said Tim Mills, General Manager – Development, Victoria for Fortis.
“Businesses want workplaces that make the commute to work worthwhile, and that has been our approach with all our commercial projects, by offering best-in-class amenities in sought-after locations.”
“Fortis has worked closely with tenants over the last few months to develop premium retail and office space that showcases their brand and strengths in the best possible manner, while also responding to their needs as a business,” added Mills.
“Equally, 90% of 65 Dover Street has been pre-committed in record time, well before the leasing campaign has even commenced.
“We are extremely proud of what we have created in Cremorne, and thrilled with how it has been received in the market.”
The project will include state-of-the-art tenant amenities including a rooftop basketball court, entertainment facilities, a digital production studio, car wash, saunas, and market-leading end-of-trip facilities.
“We chose 65 Dover Street for its exceptional amenity offering and a prime location within the vibrant Cremorne neighbourhood,” said Ratio Consultants CEO Colleen Peterson.
“The state-of-the-art facilities and thoughtfully designed spaces align perfectly with our company vision to provide an innovative and inspiring workplace for our growing team. We are excited to be a part of this premier commercial project and look forward to fostering collaboration and success in this dynamic environment.”
65 Dover Street is located less than three kilometres from the Melbourne CBD, the site offers easy, direct access to key business districts in Melbourne. It is a short walk away from tram stops and both Richmond and East Richmond train stations and enjoys freeway access.
