- A Marleston office, in Adelaide, has come to market.
- Two leases were struck across Melbourne and Perth.
- Practical completion was reached for 308 Exhibition Street, Melbourne.
The latest in property across the country includes two leases, one in a major Melbourne hub and another along Perth’s St Georges Terrace, an Adelaide office listing, and the practical completion of a Melbourne apartment building that was awarded for engineering excellence and saw a $3 million supercar installed in the living room of a penthouse apartment.
New Interroll Australia HQ in Epping
One of the world’s leading providers of material handling solutions has secured a new headquarters in Epping.
Interroll Australia has signed a 10-year lease on the 3,022 square metre (sqm) facility located at 579 Edgars Road.
“With industrial vacancy levels at a historic low, the development pipeline throughout Epping has solidified the precinct as one of Melbourne’s most desirable industrial suburbs and attracting global companies such as Interroll,” said CBRE‘s Jake George, who with Corey LeFavi, negotiated the deal on behalf of the landlord.
“The investment of this new Interroll complex strengthens our future and is in recognition of our partnerships and long-term association with our customers where quality, speed and simplicity are our customer promise,” said Interroll Australia managing director, Pat Cieri.
“The investment will enable us to further grow our business through our customers in a sustainable manner.”
Practical completion reached for 308 Exhibition Street
Multiplex today announced it has reached practical completion of the $600 million apartment and hotel project at 308 Exhibition Street. The property was developed by Malaysian developer S P Setia and designed by Fender Katsalidis in collaboration with Cox Architects.
The project encompasses two separate high-rise towers, comprising luxurious apartments and will be the future home of Melbourne’s 5-star Shangri-La hotel.
Sapphire by the Gardens will be a 60 level residential tower, featuring 325 apartments; this includes two high end penthouse apartments, and numerous custom-designed apartments.
Beneath the two towers stands a mixed-use podium with spaces for resident recreational facilities, future hotel functions, and above ground carparking.
During construction, Multiplex coordinated a unique purchaser upgrade which involved the installation of a $3 million supercar into the living room of the luxurious super-penthouse. The Sapphire by the Gardens super-penthouse has set the new benchmark for Melbourne property as the highest recorded apartment sale price in the city.
“We are thrilled to deliver this world-class precinct, and it is a testament to the collaboration and determination of our team and subcontractors. Constructing two towers simultaneously takes exceptional planning and management, especially when facing construction and engineering complexities like the iconic sky bridge, 46 storeys in the air,” said Multiplex regional managing director, Ross Snowball.
The successful delivery of the sky bridge saw the project win the ASI 2022 National Award for Engineering Projects.
Marleston office on the market
An Adelaide office along 188-192 Richmond Road, in the suburb of Marleston, has come to market. The property is being offered with vacant possession.
The office is situated 10 minutes from the Adelaide CBD and includes a net lettable area of circa 1,189 square metres (sqm) on a 2,084 sqm block. The property also features 43 metres of frontage to Richmond Road and parking for 45 vehicles.
“The location of the property in the desirable inner west is the biggest drawcard, with well-located, quality properties receiving solid enquiry in the current market,” said Knight Frank‘s Jack Dyson, who with Oliver Totani are running the expressions of interest campaign.
“This building is situated only four kilometres from the Adelaide CBD and a short 700 metres to the South Road intersection,” added Dyson.
The campaign closes on Thursday, 24 August.
Cadds Group leases level 3 at 131 St Georges
Colliers has announced the successful leasing of level 3 at 131 St Georges Terrace to Cadds Group, on behalf of Brookfield Properties.
Colliers senior executive office leasing, Grace Bailey, completed the transaction on a 5-year term prior to practical completion of the speculative fit out designed by Hassell architects.
“Cadds Group were looking to upgrade the quality of their CBD head office accommodation, expand in size and move closer to the core CBD and their major clients,” she said.
“The Royal Insurance Building at 131 St Georges Terrace offers just this, as it forms part of the largest heritage streetscape on St Georges Terrace and is located in the heart of Perth’s CBD within the Brookfield Place precinct.”
“Net absorption in the Perth CBD has been positive since 21 July, highlighting strong demand,” said Colliers research manager WA, Yashwini Halai.
“In the last six months to July 2023, there was positive net absorption of 23,950 sqm according to the latest PCA figures.”
“There is strong leasing demand off the back of significant infrastructure investment, strong population growth underpinned by high levels of net overseas migration in the State, WA having the lowest inflation rate and a record high for WA exports in the year to May which represents a 13.8 per cent increase on the year to May 2022,” said Colliers national director office leasing, Jemma Hutchinson.
“These positive indicators have resulted in increasing office demand, positive net take-up and rental growth which will continue to lead to a declining vacancy trend moving forward.”