140 William Street, Melbourne upgrade yields new tenants

Upgrades and Investment at 140 William Street has lead to a number new leases according to owner Rest.

Colliers International’s Shane Burns and Tony Landrigan, in conjunction with James Pappas and Hamish Sutherland of Knight Frank, have negotiated 11 new leases totalling more than 7,500sqm at 140 William Street. 

New tenants include Bank of Montreal, Law Institute of Victoria and Marble Group, among others. 

“An iconic Melbourne business destination, 140 William Street is constantly updating and evolving to ensure the building can best service tenant demand in the ever-changing Melbourne market,” Mr Burns said. 

“Progressive building owners and management consistently pre-empt workplace demands and trends to remain a commercial destination of choice, which has helped drive a highly successful leasing campaign, particularly in the past 12 months."

Over the last 24 months, superannuation owner Rest has invested in a lift and mechanical upgrade, the provision of end-of-trip facilities and new services.

Mr Pappas added, “The building has experienced great leasing success, including six refurbished whole floors – as well as securing a range of part floor tenants including Finite Group, Wonder Property, King and Whittle and NOPSEMA." 

“Further improving the buildings offering, 2018 also saw the execution of fitted part floors or small suites, responding to increasing market demand.” 

Recent leasing deals have included: 

* Newcity Development (One) Pty Ltd: 251.5sqm on Level 25 on a five-year lease (+ 11 months) 

* Lysander Consulting Group: 259.2sqm on Level 14 on a six-year lease 

* Law Institute of Victoria 

* King & Whittle Pty Ltd 

* Kidman Resources Ltd:315sqm on Level 30, on a 5-year lease 

* National Offshore Petroleum Safety & Environmental Management Authority: 728sqm on Level 25, on a 6-year lease 

* Wonder Property: 300sqm on Level 37, on a 7-year lease 

* Marble Group: 430sqm on Level 37, on a 6-year lease 

* Bank of Montreal: 300sqm on Level 33, on a 5-year lease 

* Finite Group: 430sqm on Level 33, on a 5-year lease 

* Undisclosed tenant has taken 1,232,90qsm on Level 8 

Rents in the building range from $580/sqm in the low rise to around $700/sqm net in the high rise for a fully fitted, turn-key suite. 

“The accelerated demand we have experienced this year highlights the strength in sentiment among small business owners and reflects the lack of supply in this market,” Mr Burns said.