Milwaukee leases ex-Toyota research centre
Milwaukee Tool – which turns 100 next year – has leased the former Toyota Technical Centre at Notting Hill.
The deal for 611-625 Blackburn Road was with Monash University, which acquired the 3926 square metre office from the car maker for $66 million last August.
On 3.63 hectares – half of which is undeveloped – that acquisition was a tactical one, providing longer-term expansion space for its Clayton campus.
The landlord secured Milwaukee following an off-market leasing campaign managed by JLL’s Mario Nobrega and Josh Tebb.
In Melbourne, the tenant, a Techtronic Industries brand, also occupies a warehouse at Pellicano’s M2 Industry Park, in Dandenong South – a 10,930 sqm property it committed to in 2021 for seven years.
Monash National Employment and Innovation Cluster
The Blackburn Rd office forms part of the Monash National Employment and Innovation Cluster – the city’s largest employment zone outside of the CBD (story continues below).
Local landowners include Centuria, which in 2020 outlaid $416.7m for a 3.2ha Clayton data centre offered by Telstra with a 30 year leaseback.
ESR Australia, meanwhile, is behind a business park in that suburb – on a 6.45ha parcel it acquired for $34.71m in 2019.
Last December, Sector Property Group unveiled plans for one of Melbourne’s first multi-level industrial projects – a The Base business, storage and leisure complex – at Oakleigh South, to replace an ex-Atari headquarters.
Toyota moved functions undertaken at Notting Hill to its Port Melbourne headquarters and a $40m Centre for Excellence, at the ex-Altona North manufacturing plant.
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