This article is from the Australian Property Journal archive
BIC Australia has leased the remaining office space at 574 St Kilda Rd, owned by the Juilliard Group.
Colliers International associate director of office leasing Ben McKendry negotiated the new 10-year lease commencing on October 15 at level 4 at 574 St Kilda Rd in a deal which includes building signage rights. The company would occupy 916 sqm, previously home to global IT company Unisys.
BIC Australia is moving closer to the city after selling their former headquarters in Keysborough, in Melbourne’s south east
McKendry could not comment on the final terms of the deal but confirmed the building achieved rents in excess of $260 per sqm net.
“This lease to BIC Australia continues the trend of larger corporate tenants returning to St Kilda Rd, drawn by the central location, excellent value for money and strong corporate presence on an international scale.
“There is a real trend of tenants relocating from the suburbs to the St Kilda Rd precinct,” he added.
McKendry said 574 St Kilda Rd was now 100% leased, which would continue to place downward pressure on the St Kilda Rd vacancy rate.
“We are starting to see the ‘no vacancy’ sign on many St Kilda Rd buildings and this is great for the precinct after years of negative publicity and a perceived sway to residential conversions,” McKendry said.
Property Revie
