This article is from the Australian Property Journal archive
MELBOURNE-based investor Brendan Sullivan has just leased a whole floor at the recently refurbished 126 Wellington Parade building in Jolimont.
Sullivan who has been buying, refurbishing and strata-titling boutique office buildings in and around the CBD for more than a decade, said the slower market meant landlords had to be at least a little creative in attracting tenants.
“Landlords who do not offer tenants a point of difference in this market are going to be looking down the barrel. At the very least they should be offering tenants a contemporary fit-out with the sort of conveniences that will ultimately help them to attract and retain staff.
“Astute tenants will also pay a little more if they can see that the landlord’s product may offer some potential gains such as productivity improvements over the term of their lease,” he added.
Sullivan has leased a whole office floor at 126 Wellington Parade, located opposite Jolimont Railway Station and the MCG. The premises was formerly occupied by Melbourne Water.
“The space leased very quickly as a result of the cool make-over. In fact I had two offers on it,” he added.
The circa 500 sqm space was leased at the very competitive figure of $400 a sqm gross, plus GST, on a five year term. The tenant was not identified.
He said the rental also reflected the strong interest in the leafy CBD fringe and the convenience of being located right on the doorstep of the CBD.
Property Review
