Foundr Magazine chooses South Yarra for HQ
Foundr Magazine will move its headquarters from Prahran to South Yarra after signing a 500 square metre lease deal for a warehouse-converted-office near Chapel Street.
The entrepreneur focused publication, a global start-up established in 2013 by Nathan Chan and now with 250,000 subscribers and one million who tune in to a weekly podcast, is paying starting annual rent of $145,000 to occupy the top floor of 60 Wilson Street.
The modern office is accessed via a dedicated ground floor double height ground foyer.
Three car parks are also included as part of the tenancy.
Foundr Magazine will up its rent 3.5 per cent each year until 2024 when it has a four year renewal option.
The business publication has featured across its platforms interviews with Richard Branson, Arianna Huffington and Tony Robbins.
Fitzroys Samuel Friend and Stephen Land represented the 60 Wilson Street owner – a private investor and single-investment landlord.
The starting rent equates to a rate of about $290 per sqm, per annum. The occupier chose the office, the agents said, because it outgrew its Prahran space and wanted something a suburb closer to the Melbourne CBD.
South Yarra office market set to double in size by 2023, which is good news for Foundr Magazine
Foundr Magazine might find itself with some bargaining power upon the expiry of its initial four year lease – with the size of the South Yarra office market expected to almost double between now and then.
Much of this commercial area has been unsuccessfully seeking occupiers since last year – suggesting the precinct is in store for a vacancy blow-out.
Presently, South Yarra accommodates about 97,000 sqm of office area.
It forms part of a market described by agents as City Fringe, with an occupancy rate circling 95 per cent.
Following new projects at 11-13 Wilson Street and 162 and 164 Toorak Road, as well as 402 Chapel Street, 627 Chapel Street and the Jam Factory – about 80,000 sqm of new commercial space is set to be added to South Yarra’s stocklist by 2023.
Last week Bill McNee’s Vicland, which is proposing two of the South Yarra complexes, won approval to build a nine-level commercial building with 10,500 sqm of office space in the neighbouring suburb of Toorak at 489-505 Toorak Road.
