Activity explosion at Industry Business Hub
April 26, 2012
Business is booming at South Melbourne’s latest commercial development, Industry Business Hub, with an outstanding number of deals completed in the first quarter of the year.
Colliers International Executives Ted Dwyer and Hamish Burgess are marketing the MAB Corporation development in conjunction with DTZ agents Patrick O’Callaghan and Danny Clark.
Mr Dwyer said the first few months of the year had seen a flurry of activity from creative businesses keen to secure space in the ground-breaking new working environment.
“In just three months, we have negotiated seven sales and 19 new leases at Industry Business Hub,” Mr Dwyer said.
“This is an exceptional demonstration of the strong demand we are witnessing from owner-occupiers and tenants alike for modern, flexible space.”
Mr Dwyer said Industry Business Hub, located at 87 Gladstone Street in South Melbourne, was a unique addition to the Melbourne market.
“The studios are flexible, creative spaces ideal for warehouse and showroom use,” he said.
“The light and spacious studios range from 42sq m to 500sq m in size and are being snapped up by an impressive collection of high-quality, reputable tenants and owner-occupiers.”
Mr O’Callaghan said the unique nature of Industry Business Hub was attracting creative occupants, with representatives from the marketing, fashion, design and distribution sectors among those already attracted to the building.
The latest transaction was the sale of 108sq m to a private investor for $440,000 at a yield of 7.24 per cent. The established tenant was MIA, a designer of retail floor space whose clients included David Jones and Myer.
Mr O’Callaghan said the property was in an ideal location, surrounded by fantastic amenity and close to all public transport routes. It also offered secure on-site car parking and an on-site café.
“It is a central location, minutes from the CBD, Albert Park golf course, Citylink, the Albert Park shopping precinct and Port Melbourne beach,” Mr O’Callaghan said.
The recent deals took the building to 88 per cent occupation.
The average length of lease to be signed was three years at an average rate of $303/sq m. Just seven studios remain.
For more information contact Ted Dwyer on +61 3 9612 8874 or +61 411 312 165, or go to www.mab.com.au
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