Collingwood’s newest office complete
RF Corval has opened the Collingwood office it purchased on a funds through basis just before the 2020 lockdown.
71 Gipps Street, between Rupert and Cromwell, contains 8600 square metres of A-grade commercial area, about a third which is committed to Regus’ co-work arm, IWG Spaces.
Office occupiers have access to a rooftop garden area with bar, BBQ kitchen and city views.
They can also utilise a ground floor indoor/outdoor communal space, for large meetings, group training or wellness events like yoga, according to the leasing agents, Colliers’ James McMahon and Matt Cosgrave, with Lemon Baxter’s Jay Pavey.
71 Gipps Street also contains a café occupied by social enterprise focused Streat.
71 Gipps Street
With two connected structures rising six and 11 levels, 71 Gipps Street is diagonally adjacent to the Stomping Ground brewery and walking distance to Collingwood station.
“There has been great demand from tech and wellness based tenants who typically focussed on Cremorne but are now venturing to Collingwood” Mr Cosgrave said.
“Spaces are available as full floors – up to 1160 sqm, able to accommodate about 115 staff based on a ratio of 1:10,” he added.
“All floors can be connected internally and the fourth has a private balcony,” according to the executive.
“The tenancies are also for lease in smaller configurations from 180 sqm,” Mr Pavey said.
“Most have been fitted out with architecturally designed high quality turn key specs,” he added (story continues below).
The building also contains 85 basement car parks, 62 bike racks and premium end of trip facilities with 12 showers, lockers and a beauty bar.
Leasing activity picking up where it left off
While COVID severely slowed leasing activity in the CBD, Melbourne’s fringe suburbs have fared quite well – benefiting from trends including working closer to home, and a flight to quality.
“Colliers Metro and Fringe office leasing has seen a 34 per cent increase in sqm leased in H1 2022 compared to the year prior,” Matt Cosgrave, said.
“While a lot of tenants went back to the drawing board – evaluating major things like whether they need to operate from the CBD – we are finding tenants are focussing on upgrading their office space to attract new talent and retain their existing,” Mr Mahon added.
“As such, regions like Collingwood, Cremorne and South Yarra, with their convenience, high-character and relative affordability, are still very much on the radar,” according to the agent.
Businesses to lease Collingwood offices recently include Swisse, which moved within the suburb, and Aesop, which relocated from Fitzroy.
The Ascott Group, for its Quest brand, also pre-committed to a nine storey hotel, replacing the Travellers warehouse at 79 Wellington St – walking distance to 71 Gipps St.
RF Corval will hold 71 Gipps St in the Value Active Fund No 2 along with two other assets, in Perth and Parramatta.
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