Ultra Tune Buys Strata Office in Stockland's Tooronga Redevelopment

DESPITE a job in which driving luxury cars is a perk, Ultra Tune boss Sean Buckley doesn’t want to travel for too long, to get to work.

Mr Buckley will relocate the company’s headquarters from Box Hill, to Glen Iris, after paying a speculated $2.4 million for a 400 square metre strata office suite, part of Stockland’s massive $500 million Tooronga Village redevelopment, about nine kilometres south-east of town.

Even though development at the Glen Iris site has been rampant in recent years, Stockland is only into the first redevelopment stage, of five.

The Sydney-based group this week released 4000 square metres of high-end strata office space for sale or lease. Another 8000 square metres of retail space, and 297 apartments, are also included in the first stage.

Office suites measuring 64 square metres are priced from $399,000.

The office component will be spread over one level, on top of a Coles supermarket and First Choice Liquor retailer. The building that will house all these tenants is currently under construction, and distinguished by pink and red windows.

Almost a year ago, Mr Buckley paid $7.01 million for an unfinished six-bedroom French Provincial style family home in ritzy Hopetoun Road Toorak, near Ultratune’s new offices.

Despite the supposed simplicity of the argument, valuers have long suggested travel time is a major factor driving the success of suburban office markets, in Melbourne, Sydney and to a lesser extent Brisbane and Perth.

The decision on where to base an office is usually made by a board of directors, or managers, whose homes may be clustered in one direction of the CBD and who conclude they don’t need the hassle of a city commute, or to pay higher rents.