- Re-Leased Property Software is moving into Docklands office suites
- Suites have a combined floor area of 124 sqm at $62,000 per annum
- Latest development a part of the proptech revolution
Proptech firm Re-Leased Property Software is moving into two adjoining modern office
suites within the Lifestyle Working building in Melbourne’s Docklands.
Fitzroys agent Stephen Land negotiated the two-year term over suites 309 and 310 at 838 Collins Street, which have a combined floor area of 124sqm, at $62,000 per annum plus GST on behalf of a private investor.
The Lendlease-developed building has four levels of office space above ground-floor retail and a café. Additionally, it features a four-level green atrium, 5 Star Green Star rating and high-end IT infrastructure.
The suites were offered with furnishings and existing fit-out, including a large boardroom, reception, large open-plan workstations, and an internal kitchenette. Mr Land said this was a particularly attractive feature of the property.
“Spaces that are partially or fully fitted-out – especially those in the sub-500sqm sector of the market – have been very popular over the past 12 months, as they be easily moved into without significant costs,” he said.
Proptech is one of the latest innovations disrupting the property and real estate industry.
According to a survey – conducted by Yardi Systems and the Property Council – of 216 Australian property companies (a third of them with asset portfolios valued at more than $1 billion), the COVID-19 pandemic has accelerated proptech adoption (this is especially evident in the increased utilisation of virtual reality open homes to deal with social distancing restrictions).
Property companies have also turned to technology to support the safe return to offices, with track and trace (23%), touchless access (22%), and social distancing technologies (15%) the top three solutions.
In WA, proptech startups are a minority with only 20 in existence out of the 520-tech based startups according to data from Startup News. The sector made progress earlier in the year when Proptech Hub – a new dedicated space for proptech startups – opened up in the centre of Perth’s CBD.
Re-Leased is a cloud-based commercial property management software. Their solutions streamline property managers’ and landlords’ day-to-day processes – helping them to more efficiently operate accounts, lease management, inspections and maintenance, compliance management, tenant communication, document storage, and reporting.
“Tech and media companies have been active tenants in the market over recent months, often requiring spaces within that sub-500sqm category, while exploring opportunities to move into locations that were previously difficult to break into.”
Stephen Land, Fitzroys Agent
If anything good was to come out of this pandemic, it is the adoption of new and innovative technologies. And with proptech startups continuing to perform well financially, it is expected this trend will continue.