Alfred leases entire St Kilda Rd building

The clinic Alfred Health is building at 545 St Kilda Road, a site it acquired for $31m mid-year.

Alfred Health has leased an entire seven level office abutting its Prahran hospital.

The eight year commitment for 541 St Kilda Road (pictured, top) – 8247 square metres and 126 car parks – fills the tenancy recently vacated by Seek.

Thorburn Commercial’s Kenny Thorburn with Cushman & Wakefield’s Ben McKendry acted for the building owners, Sydney based Marprop and German fund manager GLL Real Estate Partners.

The rent is undisclosed but the office was asking $4.264 million per year – or $520 per sqm – before incentives.

The landlords, who picked up the asset from BayleyStuart for c$65m in 2018, renovated the ground floor lobby and end-of-trip facilities during the brief leasing campaign (story continues below).

The Alfred agreement comes five months since the healthcare group paid $31m for a low-rise block of flats next door – #545 – with plans for a six storey facility to be known as the Victorian Melanoma and Clinical Trials Centre.

It also comes three months since the Property Council of Australia released its bi-annual Office Market Report, putting local vacancy at a high 16.3 per cent, with 8000 sqm more space vacated than filled in the six months to July.

Seek relocated to a distinctive Hassel designed headquarters at Cremorne.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of