This article is from the Australian Property Journal archive
BIOMEDICAL companies have flocked to the JGS-owned Ferntree Business Park in Melbourne.
Co-Labs is amongst the tenants signing on to space at the Ferntree Business Park, located in Notting Hill around 19km out from the Melbourne CBD, signing on to open a state-of-the-art innovation hub and biotechnology co-working laboratory.
“Co-Labs is excited to partner with JGS and the Victorian Government to deliver a premium co-working and co-located lab space right in the heart of the Monash Precinct,” said Samuel Wines.
“We’re looking forward to catalysing transformative innovation in the health and life sciences.”
While existing tenants at the park, Olympus Medical, Draeger and Johnson & Johnson, have committed to upgrading their space within brand-new purpose-built facilities.
Rob Joyes and Ash Dean from Colliers facilitated the 18,239sqm of deals at the Gray Puksand-designed and planned business park.
Olympus has committed to 4,629 sqm on a 12-year lease, with Johnson & Johnson signing on to 1,695 sqm of new office and laboratory space and Draeger has to 9,067 sqm for ten years.
“Over the last few years, we have seen a significant rise in enquiry from biomedical and life sciences occupiers seeking space in the Monash Precinct. This wave of enquiry was kick-started by Cartherics, who opened a new $4 million lab to develop cancer immunotherapy treatments at 12 Ferntree Place in October last year,” said Dean, director at Colliers.
The biotechnology industry in Australia is forecasted to grow over the next five years, thanks to increased demand for and greater acceptance of biotech products.
“The life sciences real estate sector is a specialised market segment, driven by the ongoing demand for purpose-built facilities that serve life sciences industry participants’ office, laboratory, research, and manufacturing needs, which is exactly what Ferntree Business Park has to offer,” added Dean.
The new-generation business park that has created a lifestyle precinct incorporating green spaces amongst commercial buildings and local amenities such as a café, childcare, Quest Serviced Apartments and ample on-site secure parking.
“Since acquiring Ferntree Business Park in 2017, we have created a further scale for biomedical and life sciences users via the growth of existing tenants within the park and accommodate new users,” said Russell Meacham, national director of property investment at JGS Property.
“The strong level of interest and commitment for high-quality purpose-built biomedical and life sciences facilities at the property is in line with our strategy to continue the development of a collaborative research, development and manufacturing campus in the heart of the Monash Precinct.”
