This article is from the Australian Property Journal archive
AN office building at 529 Burwood Rd in Hawthorn is now fully tenanted following a string of leases.
O’Callaghan Commercial agent David O’Callaghan has negotiated four new leases and said the building is now fully leased with six occupants.
The new leases include suite one of 87 sqm plus one on-site car parking space leased to ANZ Mobile Lending.
Suite five of 107 sqm plus two undercover car parking spaces has been leased by Drew Cole Architects at a commencing annual rental of $20,000 plus GST and outgoings share.
Both leases are for two years with a further two year option at a commencing annual rental of $24,000 plus GST and outgoings share with 4% annual increases provided.
Suite three has been leased by Krakle Pty Ltd over 153 sqm plus three undercover parking spaces with a commencing annual rental of $15,000 plus GST and outgoings with annual rental increases fixed at 4%.
And the first floor has been leased to a financial services business over 530 sqm plus eight undercover car parking spaces, at a commencing annual rental of $50,000 plus GST and outgoings.
“The building owner in this instance acted to provide a building with a higher quality presentation and modern services and all the spaces were readily leased.
“I think the evidence in this experience is that if owners are prepared to offer quality space in a good location in Melbourne’s better inner eastern commercial areas tenants, particularly professional firms and services businesses are quite readily attracted to the opportunity,” O’Callaghan said.
Property Review
