Melbourne attracts large technology investment

Queen street

The Victorian Institute of Technology (VIT) has completed an extensive fit out of a prominent Melbourne CBD building and will occupy the top 5 levels over the next 5 years.

The 1,885sqm building at 235 Queen Street, will become the third Queen Street campus for VIT to complement their existing operations at 123 and 126 Queen Street.

VIT which commenced business in 1998, provides a broad range of accredited vocational education and training programs in Melbourne and Sydney.

The Queen Street building has been repositioned over the past two years to provide a higher standard of office accommodation to meet strong tenant demand, in particular small to mid-size businesses seeking quality refurbished office accommodation, according to agents MP Burke.

The latest Property Council of Australia Office Market Report supports market evidence the Melbourne CBD office market continues to be one of Australia’s hottest office markets with office vacancy at just 4.6 per cent.

Pat Burke, Principal at MP Burke Commercial negotiated the five (5) year deal following a leasing campaign conducted with conjunctional agents Colliers International.

“235 Queen Street has been refurbished to a standard to meet the market,” Mr Burke explained.

“Such a location provides excellent access to the Legal & Educational precincts to the north, Finance and Banking to the South and Retail to the east.

“Being a prominent corner building, each floor enjoys abundance of natural light, flexible workspace and great views. This building will perform strongly through the various property cycles,” he added.

Classic St Kilda Victorian hits the market

An iconic classic Victoria building on St Kilda’s vibrant Barkly Street will be sold this month, with offers closing on 27th June.

Beller Commercial has been appointed to sell the 800 sqm property which has off-street parking for 20 vehicles, an internal courtyard space and a flowing floorplan over 2 impressive levels.

According to Beller Commercial, this is “an amazing opportunity to move your business to this classic Victorian building built in 1874”.

“Restored to its former glory, and embracing all modern business amenities, this building provides endless opportunities for a future tenant who wants to stand out from the crowd,” Beller Commercial said.

“Located adjacent to St Kilda Road and St Kilda Junction, providing great access to the CBD and Melbourne’s southern and eastern suburbs.”

AVI secures fabulous Fitzroy corner site

A 1,100sqm Fitzroy corner building in Melbourne’s popular inner-north has been sold to international volunteering organisation AVI, which will move its headquarters to the building from nearby Kerr Street.

Fitzroys Director, David Bourke and Manager, Terence Yeh, together with Rodney Morley Real Estate’s Rodney Morley and Naomi Dorevitch, sold the 160 Johnston Street property under the hammer for $5.050 million.

It marked the first time the vendors, a private local family, had put the property to the market in half a century.

The 579sqm site is between the bustling Brunswick Street and Smith Street hospitality and lifestyle precincts, and has frontages of more than 20m to busy Johnston Street and more than 28m to Hertford Street.

It has a two-level office and showroom building with onsite parking, and traded with a holding income of $110,732 per annum.

Yeh said the property’s attractive Commercial 1 zoning saw strong enquiry from investors, owner occupiers and developers, with more than 120 enquiries received during the campaign and strong competition in front of a large crowd at auction.

“Investors were looking to take advantage of the inner-north’s future growth prospects, as residential demand in the area grows, while owner occupiers would be able to operate from the area’s growing dynamics.

“Developers were enticed by its zoning and position, making it suitable for mixed-use projects with any combination of residential, retail and office space.”

In close collaboration with the Australian government, AVI - initially Australian Volunteers International - has been at the forefront of volunteering initiatives since sending the world’s first international volunteer to Jakarta in 1951.

Last year, it was selected to deliver to the Department of Foreign Affairs and Trade’s new Australian Volunteers program, which began at the start of this year, as part of a consortium with Cardno and The Whitelum Group.

Morley said the 160 Johnston Street property is located in close proximity to Melbourne’s world class tertiary precinct with Melbourne University, RMIT and ACU all within walking distance. St Vincent’s Hospital, Epworth Freemasons and the Royal Victorian Eye and Ear Hospital are all located nearby.

“The area is well serviced by public transport with tram services operating along Brunswick, Gertrude and Smith Streets and buses to Johnston Street whilst eastern freeway and M1 are nearby.”