Melbourne City Mission leases top floor of Collins Street’s Victory Tower

Melbourne City Mission – the city’s oldest charity organisation – has leased 393 square metres, being all of level 10, of 420 Collins Street, also known as the Victory Tower.

The five year lease for the top floor of the building, includes a three year renewal option.

MCM is paying a starting rent of $175,000 per annum plus GST.

“Melbourne City Mission intends to sub-lease part of the space to Youth Law, another not-for-profit group they are co-locating with,” Fitzroys agents Stephen Land and Samuel Friend said.

The brokers bragged the tenant was “sourced, secured and in occupation” within two months of the agency advertising the space for lease.

The space at 10/420 Collins Street was recently modernised.

“The premises contained existing workstations and chairs, and a recent upgrade that included new carpet, paint and kitchenette made the office desirable to prospective tenants that were looking to occupy an office with minimal work involved,” Mr Land said.

“Landlords are benefiting from the race to secure sub-500 sqm tenancies across the Melbourne CBD, as operators across a range of industries look to secure a city address”.

Two major new office complexes are under construction in the immediate area around 420 Collins Street including the distinctive Collins Arch and the Olderfleet development.

“These major developments have prompted a broadening range of tenant enquiry in this part of the city,” Mr Land said. “Operators want to be among the enhanced lifestyle, food and Beveridge offerings in the area that have been spurred by the booming working population”.

The Collins Street office is an expansion by the group into the CBD. It will continue to operate at its Kings Way, South Melbourne, headquarters.

Last month, MCM opened its new $8 million crisis accommodation and homeless support centre on King Street, in the CBD. This centre will be Victoria’s largest and operate 24 hours a days, seven days a week.

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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