Colliers International facilitates 100% sale at Escala Workspaces made up of creative, flexible workspace over three levels
In a deal negotiated by Colliers International’s Chris Ling, Anthony Kirwan and Martin Leong, Prime Creative Media has secured the three levels of one of Melbourne’s most unique commercial spaces at Escala NewQuay for a total value of $8.1million.
Designed by award winning local architects Six Degrees and developed by MAB, Escala NewQuay has an eye-catching warehouse brick design anchored by a north-facing public piazza with a 420sqm ground level retail offering.
Escala Workspaces is presented over three levels with double height ceilings and soaring arch windows reminiscent of Melbourne’s grand 19th century warehouses and prominently located at 379 Docklands Drive, in the heart of NewQuay’s commercial district.
Mr Ling said Escala Workspaces offered a product that was yet to be seen in Melbourne with its creative design, flexible layouts and impressive brick design façade.
“As a result of Escala’s unique design and ultimate flexibility, Colliers generated more than 200 enquiries and received offers totalling over 2,500sqm of demand within the two month International Expressions of Interest campaign,” Mr Ling said.
“With very little supply of new strata office properties in Melbourne, we generated a wide variety of buyer interest from both local owner occupier and investor groups but also from offshore private investors looking to enter the Melbourne market. Business occupiers consisted of mostly creative and IT groups but also included traditional accounting and financial practices who are looking to attract good talent from across the city.
“The low interest rate environment, low office vacancy rate and continuing rental increases has made purchasing commercial space for both investors and owner occupiers very financially viable with returns between 5 and 7%. With a lack of supply in the market we expect this trend to continue throughout the remainder of 2019.
John Murphy, Prime Creative Media CEO, said the landmark NewQuay commercial area would set a new benchmark in creative workspaces to cater for the leading B2B multi-platform media organisation’s growing team.
“Lifestyle facilities for our people include a spectacular rooftop garden with alfresco dining spaces, gym, heated indoor swimming pool and spa,” Mr Murphy said. “The location of the building is ideal for existing Prime Creative Media staff and will also assist us in attracting new talent to our high growth media organisation.
“World-class connectivity, with free public transport on the doorstep, will provide a direct connection with the Melbourne CBD which is another significant drawcard for workers in this competitive environment for a highly skilled work force.”
Mr Murphy said Prime Creative Media and its people were excited to be part of the revival of the Docklands area.
"Docklands is now the area of choice for some of Melbourne's most dynamic and successful businesses,” he said. “We are delighted to be part of this and moving into our own dedicated premises at Escala NewQuay sets us up for the future”.
“We are a progressive organisation that realises we need to keep investing in our business and people to continue to thrive in this constantly changing landscape.”
NewQuay has seen a considerable repositioning over the past 12-24 months, with the rebranding of The District Docklands, the addition of the Four Points by Sheraton Hotel and more recently the opening of Quest NewQuay, the largest Quest Apartment Hotel in Australia.
“The immediate area has become a much more vibrant mixed-use precinct that has attracted both residents, tourists and commercial occupants,” Mr Ling said. “MAB has done an exceptional job to create such a unique product that will further enhance and grow the NewQuay precinct and is testament to the vision and collaboration of MAB and Six Degrees Architects.”
Escala NewQuay, estimated to be completed in 2022, will sit alongside a residential tower which also boasts innovative loft apartments with double height living spaces which have been in high demand.
“Escala has been a testing ground for MAB and we felt the need to offer a real point of difference. And so far, it has paid off,” David Allt-Graham, MAB General Manager Residential, said.
“Escala has provoked MAB to rethink this site. We are seeing NewQuay attracting tenants who come to the Harbour for lifestyle and unrivalled access to the airport and road networks. We are thinking beyond ubiquitous ‘grey’ office space and the potential for this site is enormous.”
“With each project, we are building an ecosystem which supports business and residential lifestyle. It cannot be the same thing each time. It needs macro-level infrastructure; schools, supermarkets – and we are building these. It also needs small scale variety, comfortable nooks and places for business to establish.”
MAB will commence construction on Escala in late 2019 with completion set for 2022.
“Conceived as an eclectic cluster of buildings, the majority of the Escala building is residential and over 75% of the apartments have been pre-sold over the past 12 months despite difficult market conditions,” Mr Allt-Graham said. “The residential designs are equally unconventional with a unique interlocking loft design making up half the building.”