Pellicano secures south east Melbourne's largest commercial deal for 2015

Telecommunications and ICT services company Visionstream has secured 7,600 square metre office space at the $500 million masterplanned Parkview Estate in Melbourne's Moorabbin.

Visionstream has committed to an entire office building within the 51 hectare estate, which is 20 km from Melbourne's CBD.

Colliers International national director Rob Joyes, who brokered the deal, said it was the largest office-leasing transaction in Melbourne's south-east in 2015.

"Vision Stream is joining big brands like Bunnings, Bolle, Westpac and Danks Home Timber and Hardware who are operating out of Parkview Estate, a suburban business park," he said.

Developer Pellicano's managing director Renato Pellicano said the office building, which was purpose built in 1998 as the South East Water headquarters, was vacant for less than a month, reinforcing the strong demand for suburban office spaces.

"Visionstream virtually moved into the office as soon as South East Water vacated, on the back of some minor refurbishments," he said.

"Parkview Estate currently has 19,000 square metres of commercial offices spread across five buildings with a vacancy rate of less than 2%. A sixth office building is currently under construction which will take the total commercial space to over 22,000 square metres.

Parkview Estate houses over 65 business and 3,000 workers and includes Quest serviced apartments, 75 residential apartments, the 25,000 square metre Moorabbin SuperCenter, the Otto Lane café, gymnasium, swim school, childcare centre and retail banking.

Family-owned Pellicano's 2015 development workbook is at $275 million, with commercial, industrial and residential projects currently underway between Melbourne and Brisbane.