Education groups buy, rent Melbourne offices

YMCA formerly occupied the South Morang space.

Education groups have committed to two Melbourne office spaces.

At South Morang, the Insight Institute of Further Studies has leased a 263 square metre space within a double storey commercial building at the prominent Axis Homemaker Centre at 797 Plenty Road, on the south west corner of McDonalds.

Starting annual net rent for the first floor ex-YMCA area, with is fit out and opens to a balcony, is $60,000 – or $228 per sqm.

The initial lease term is three years with a (three year) option.

Elsewhere in the building, Simonds Homes occupies a large space as its Northern Region Information Centre.

Axis retail tenants include Harris Scarfe, Spotlight and Super Cheap Auto.

CVA director Leo Mancini, who brokered the IIFS deal for suites 25 and 26 of 797 Plenty Rd, said the precinct, 21 kilometres north east of the CBD, is experiencing rapid commercial and residential growth.

Singaporeans swoop on city strata

Meanwhile, a Singapore education and training group has paid $4.5 million for a first floor strata office suite at 20 Queen Street, in the CBD (story continues below).

The strata office at 20 Queen Street sold for $4.5 million.

The 420 sqm space is 9B compliant – meaning it can be operated as a school.

Several other colleges operate in the building, between Flinders Street and Flinders Lane.

Stonebridge’s Max Warren and Chao Zhang brokered the off-market Queen St sale.

It is the buyer’s maiden Australian purchase.

“The deal reflects a strong building rate of $10,700 per sqm which, even though the office was on the first floor, has a comparable building rate to other recent deals with superior positions within the building,” the agents said.

“As the rise of the office market continues, there is an expectation that volume of office transactions will increase especially to education owner occupiers as the return of international students seems imminent come June/July, 2022,” they added.

Charter Keck Cramer was the transaction adviser.

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Marc Pallisco

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