Cabrini Health signs major Hawthorn East office lease deal

Cabrini Health is paying what is believed to be a record rate per square metre to rent a Hawthorn East office only recently co-developed by former Collingwood footballer Paul Tuddenham.

The not for profit healthcare service provider has leased 2000 square metres, being level two, within the CV @ 141 Camberwell Road complex near Camberwell Junction, about 10 kilometres east of the Melbourne CBD.

The 8500 sqm office hit the market last year asking between $450-$500 per sqm, per annum, net – a price the marketing agents said which would set a watermark for both Hawthorn East and neighbouring Hawthorn.

It is understood Cabrini Health is paying within this range.

JLL director Joshua Tebb signed Cabrini Health for an initial five year lease term.

The tenant will relocate from a headquarters a couple of hundred metres away in Redfern Street.

With part of level four also under offer, Mr Tebb said about 3500 sqm of CV’s office space is left.

The area is considered Prime quality, which is a mix between Premium and A-grade.

The Bilia Volvo site is CV now

Blueprint Projects, led by Mr Tuddenham, Antony Quinert and Magnus Floden, constructed CV on the former Bilia Volvo car dealership, which covers 139-153 Camberwell Road and 1 Porter Street.

As well as the office, the Elenberg Fraser designed, Buxton built complex contains 2500 sqm of ground floor retail space and 140 apartments within two towers, the tallest rising 14 storeys.

CV was approved by the Victorian Civil and Administrative Tribunal after the City of Boroondara baulked at its scale.

Blueprint is familiar with the Camberwell Junction market, having a few years ago completed another mixed-use project at 117 Camberwell Road, Hawthorn East.

For that project, it sold 43 apartments then rented out the 5200 sqm office component to the Victorian Teacher’s Credit Union (now known as Bankfirst).

The Bilia Volvo car yard isn’t the first at Camberwell Junction to recently make way for a major mixed-use project: in 2009 the former Henley Honda dealership was replaced with Aerial, a 144-dwelling residential complex topped by a 14 level building.

The former Bilia Volvo dealership (centre) and historic tram depot (right).

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco