MYOB to sub-let top two levels of new HQ
EXCLUSIVE
MYOB is seeking to sub-let the top two floors of its new headquarters in Melbourne’s inner-east Cremorne.
The software giant is quitting 2800 square metres – nearly a third – of the office it agreed to move into in 2018.
Following its assignment, the multinational-group will occupy about 6000 sqm.
This will accompany a 5250 sqm tenancy across the road at 167 Cremorne Street, otherwise known as the Stitches building.
A spokesperson said a consolidation at Cremorne (it has rented three offices there since 2016) was always on the cards as part of its staged relocation from Glen Waverley.
Gone is the address 17-21 Harcourt Parade
At the time MYOB pre-committed to its new base, it was known as 17-21 Harcourt Parade and accommodated the Beavers Plastics factory (pictured, right).
Now it is a nine story commercial building, it has been re-addressed to 168 Cremorne St.
MYOB’s landlord is AXA Investment Managers which paid $100m for it, incomplete, in 2018.
MYOB HQ the first piece of Malt District
Caydon built the MYOB office at its Malt District project which will incorporate the high-profile silos and Nylex clock.
The master plan includes a microbrewery, supermarket and specialty retail.
It was to have contained hundreds more apartments, however last year the design was changed: offices are now earmarked for a site at the corner of Punt Rd, and the neighbouring storage towers with the Victoria Bitter sign.
Some residences have already recently been developed on the block, however.
MYOB’s sublet space…
JLL’s Joshua Tebb and Matt Brown-Greaves with CBRE’s Anthony Park and Joshua Jennings are representing MYOB.
Configurations are being promoted from 500 sqm (story continues below).
The asking rent is c$525 per sqm, per annum, ex-incentives.
Mr Tebb said the office has natural light on three sides. It also has Yarra River views.
…was always on the cards
MYOB Australia PR and Corporate Communications manager, Collette Betts, said that – excluding the sublet space – its office occupancy has increased 16 per cent since moving to 168 Cremorne St.
“We are excited about our ever-growing footprint in ‘Silicon Cremorne’ where more than 1400 MYOB employees will be based in this thriving technology precinct,” according to the executive.
“On signing the lease agreement for 100pc of the commercial space in 168 Cremorne St, our intention was always to sublet a portion…which presents a very attractive opportunity for other businesses to join this cutting-edge community”.
MYOB tested Cremorne before move
For years headquartered at Burwood East business park Tally Ho, MYOB in 2015 moved to 4900 sqm at The Glen shopping centre in Glen Waverley, 19kms from town.
A year later, it leased 2755 sqm at 167 Cremorne St for its technical engineering and experience team.
The occupier chose the precinct – a revered hub for creative and IT-related businesses – after research showed its staff no longer wanted to work in middle-ring Melbourne.
In March, 2017, the software group expanded in Cremorne, sub-letting part of Investec’s high-profile 449 Punt Rd from carsales.com.au.
The following year MYOB moved employees from Punt Rd to 167 Cremorne St after almost doubling that tenancy.
The occupier also started branding itself at the Stitches complex – suspending two enormous banners facing Citylink.
When it pre-committed with Caydon, the IT company said it would become Cremorne’s biggest occupier.
In fact, that title will belong to employment website seek.com.au which in 2019 announced it would quit St Kilda Rd for about 20,000 sqm of Gus Cooper and Michael Gannon’s 60-88 Cremorne St.
The same developers are planning an 11,500 sqm-plus commercial complex with a public plaza at 68-88 Green St, Cremorne.
