This article is from the Australian Property Journal archive
A SEVEN level office building in Moonee Ponds is undergoing a $20 million refurbishment, to take capitalise on growing tenant demand in Melbourne’s tightening office market.
Already awarded a 5 Star NABERS Rating, the 22 Gladstone Street Moonee Ponds property has engaged global designer Incorp to create a premier metropolitan office buildings, providing tenants with highly-specified workspace usually only found in new CBD developments.
The 11-month works program will commence in March, and will involve comprehensive upgrades of all services, a new ground floor café, revitalised entrance lobby and new end-of-trip facilities. A 5 Star Greenstar Rating is targeted through the energy-efficient design and upgraded services.
Fitzroys, in conjunction with Knight Frank, will manage the leasing campaign of 6,300 sqm of office space across its top three levels. Some 70% is already leased. The space available ranges from 1,500 sqm to 6,300 sqm over levels four, five and six.
The agents are expecting interest from a range of blue-chip tenants, including government departments, public sector bodies and corporate headquarters.
“Vacancies in Melbourne’s CBD are down to a decade-low of 3.2% and the city’s rental growth is expected to be among the highest in the world through 2019, and tenants are looking beyond the CBD in growing numbers.
“Moonee Ponds is currently undergoing a residential and commercial development boom that is transforming the north-western suburb into an inner-city hub, and is well-placed to capitalise on that growing demand.”
Australian Property Journal
