Wellington Parade New York style warehouse office transforming East Melbourne

Stephen TaylorAugust 13, 20130 min read

The creation of whole floor - or part floor - open plan New York Style warehouse offices has transformed an older style office building in East Melbourne.

The six level building at 126 Wellington Parade, just east of the Melbourne Hilton, is opposite the Melbourne Cricket Ground and close to a major hospital precinct.

It has been owned for several years by Melbourne investor Brendan Sullivan who appointed estate agents Kliger Wood and Jones Lang LaSalle to lease the building after renovation works.

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Melbourne Water previously had 2000 square metres on levels two, four, five and six which became vacant last year when it moved to new headquarters at 990 La Trobe Street Docklands.

Leasing agents Michael Simonds, of Jones Lang LaSalle, and Grant McKenzie, of Kliger Wood, have since leased level six to advertising agency The Fuel Agency. It has leased 485 squares at a gross annual rent of about $400 a square metre on a five-year lease with fixed annual rental increases. Four car spaces are leased at $260 a month.

Specialist medical services group Genesis Care, trading as Radiation & Oncology and Heartcare Victoria, has leased level five, also of 485 square metres, as one of its service centres. The five year lease at a gross $400 a square metres comes with fixed annual increases.

A tenancy of 321 square metres at the front of level four is leased to GFK Bluemoon under a new five-year lease on similar terms. The balance of the floor of about 175 square metres at the front of level four has been leased to FSS Advisory, also under a five-year lease.

The front of level two, at 321 square metres, has been leased to Engine Property Group for five years at $400 gross a square metre with fixed annual increases, plus additional car spaces at $260 per bay per month.

Only three small areas remain vacant in the building - 90, 110 and 155 square metres.

McKenzie has also leased two 100 square metre ground floor retail spaces on Wellington Parade. One will be a branch office for residential real estate agent Woodards, and the other a café linked to East Melbourne’s Il Duca. Both will pay annual rents of around $50,000 each.

Sullivan added residential accommodation when he had a home unit of about 200 square metres fabricated off site and craned onto the roof of the building and subsequently leased.

Stephen Taylor

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