Vantage Property Investments secures several new tenants for refurbished building
Vantage Property Investments has secured an impressive array of new tenants at 11 Queens Road during 2015 following a significant refurbishment.
Colliers International’s Matt Cosgrave and Vincent Tran, in conjunction with CBRE’s Josh Jenning and Caitlin Murdoch, have negotiated multiple leases at the new-look building situated within the ever popular St Kilda Road precinct.
Mr Cosgrave said the works undertaken by Vantage since it acquired the asset in 2014 had had significant positive impacts on the ability to secure new tenants for the building.
As part of a re-positioning of the building, significant works were carried out. This included ground floor entrance and lobby upgrades; refurbished kitchenette and bathroom amenities; fully refurbished suites with new carpet, paint, ceilings and energy efficient lighting; new lifts; new end of trip facilities including showers and bike storage; and landscaping. Mechanical upgrade works were also undertaken to increase tenant comfort levels.
“Having purchased the building in mid-2014, Vantage has now filled almost all of the vacancy within the building,” Mr Cosgrave said.
“The re-positioning of 11 Queens Road has made it an attractive option for many businesses who may have previously limited their search to the more high profile St Kilda Road boulevard.
“The refurbished space available at 11 Queens Road, in addition to the building’s close proximity to the Melbourne CBD, great natural light and views over Albert Park and the bay from the upper levels, has made it an attractive prospect for tenants within the area.
Leasing deals negotiated in 2015 have included:
• Mont Blanc: 600sqm
• Presence of IT: 450sqm
• Incomm: 300sqm
• John B Prescott: 170sqm
• PRGX 275sqm
Mr Tran said the works undertaken by Vantage were representative of the measures that needed to be taken by landlords to secure tenants in what was a very competitive market.
“The success at 11 Queens Road is a prime example of one of the primary trends we are seeing in this particular sector – well-presented space will be snapped up if landlords are willing to do some work to increase aesthetics and amenities,” he said.
“The fact that 11 Queens Road is nearing 100% occupancy also demonstrates the tightening we are seeing in this market, where the vacancy rate now sits at 7.8%. It is the latest in a string of buildings in this precinct to have reached close to or full capacity after doing significant refurbishment works, including 390, 636,580 and 468 St Kilda Road."
Mr Tran said Vantage’s investment in upgrading the property also afforded the landloard the ability to grow the rental levels in the building.