MAB to build Richmond strata offices following $13.2m deals

Yarraberg Workspaces is due for completion in mid-2023.

MAB Corporation has sold two large strata offices at its Yarraberg Workspaces complex, set to start construction in Richmond.

In the biggest deal, an owner-occupier running a not-for-profit has spent c$6.8 million on an 852 square metre suite on the fifth floor.

A level above that, a financial services group has outlaid c$6.4m on a 783 sqm space.

The recently sold offices value area at $8040-$8159 per square metre.

Colliers’ Ted Dwyer, Raphael Favas and George Davies negotiated the deals with Knight Frank’s Matthew Romanin and Nick Bissett.

Yarraberg Workspaces will rise seven storeys at 43-57 Blazey Street; the top floor opens to an activated rooftop available for all building occupants.

The site is just north of Bridge Road, also walking distance to Victoria Gardens and the Yarra River.

Yarraberg Workspaces

MAB acquired the 1372 square metre site making way for Yarraberg Workspaces in 2018.

The Plus Architecture designed complex will contain 5444 sqm including a ground floor cafe.

There will also be club-style end-of-trip facilities and a bike servicing kiosk.

Entry level suites, measuring 57 sqm, will cost c$446,000.

The largest space spreads 1000 sqm (story continues below).

The building will contain a ground floor cafe.

All units are allocated car parks on title; the building also contains electric vehicle charging.

Servicing a mortgage cheaper than renting: agents

With the two latest pre-sales, construction will kick off early next year and take 18 months to complete.

“A shortage of premium strata office opportunities in the city fringe, coupled with the record low-interest rate environment, has been the main reason why we are continuing to receive strong levels of interests from owner occupiers,” Mr Romanin said.

“Servicing a mortgage has become a much more attractive alternative to renting,” according to the executive.

MAB general manager, Commercial and Industrial, Michael Martin, added the complex is designed to meet the changing office environment and needs of workers in a post-COVID word.

“MAB has been able to adapt and create an environment that goes beyond the workplace, combining aspects of remote working and re-connecting people back in a safe environment,” he said.

“The building will offer features such as touchless entry system, openable windows to each workspace and spacious…areas.

“In addition, the building will provide energy efficient lighting, solar power to the common areas, an electric car charging point, onsite water tank and individually controlled air conditioning systems that will help reduce the environmental footprint”.

The rooftop (like upper levels of the complex) will offer Yarra River and city skyline views, he added.

Subscribe to our newsletter at the bottom of this page.

Share or Recommend article

Marc Pallisco

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