This article is from the Australian Property Journal archive
MILWAUKEE Tools has secured 4,000sqm of space from Monash University at the former Toyota Global Head Office in Notting Hill.
The off-market deal for space at 611-625 Blackburn Road in the Monash Technology Precinct, includes 176 car spaces on a 10-year term.
Josh Teb, senior director and head of metro office leasing at JLL, Victoria negotiated the lease, with Milwaukee Tools citing the close proximity to and potential talent from Monash University.
Monash University acquired the 2.6-hectare former Toyota research and development centre, which sits opposite the Clayton campus, in a $66 million deal following a marketing campaign from JLL Capital Markets.
The Monash Technology Precinct is a w centre designed for innovative technology businesses and is Victoria’s largest hub for employment and innovation outside of the CBD.
The Monash Precinct occupies space in several suburbs surrounding the university, including Clayton, Glen Waverley, Hughesdale, Mulgrave, Noble Park, Notting Hill, Oakleigh, Wheelers Hill and Box Hill, with limited space now remaining in the designated Monash Technology Precinct.
JLL Research for the first quarter of 2023 found that the South Eastern Suburbs had an overall vacancy rate of 12.5% with 195,000sqm available of a total 1.6 million sqm.
While the Monash Precinct had a vacancy rate of 14.6% with just 77,000sqm vacant of a total 528,585sqm.
The Monash Technology precinct is set to become home to Moderna’s large-scale mRNA vaccine manufacturing facility delivered by Multiplex, where new COVID vaccines will be produced.
