Office in St Kilda Road’s revered ‘northern precinct’ for lease
An office in St Kilda Road’s most revered pocket – the northern precinct, opposite the Shrine of Remembrance – is for lease after a stylish repositioning by architect Gray Puksand.
Also on the only part of the strip classified Southbank, the seven storey building at #332, on the north west corner of Dorcas, is being offered as a whole or in part.
All up, there is 5418 square metres of A-grade space – with 780 sqm floorplates and designer fit-outs by Hot Black.
The renovation added a health and wellness studio, end of trip facilities and upgraded the foyer.
“Part of the ground floor has also been configured as a third tenant-only space, with meeting rooms and a business lounge with high quality café amenity, giving occupiers flexibility to grow when required,” Colliers’ Matt Cosgrave, who is marketing the space with James McMahon and MP Burke Commercial’s Pat Burke said.
“The refurbishment focused on creating a workplace people are drawn to, with more open spaces and amenity,” he added.
Any incoming occupier has the option to activate a rooftop.
Naming and signage rights are available too.
There are also 44 car parks.
St Kilda Road’s best end
Mr Burke said the top end of St Kilda Road has always been the most popular with occupiers given its proximity to the city.
“This small group of commercial buildings between Coventry and Dorcas streets offer the best of a CBD offering in a green, natural, setting,” he added.
“The area is also a short scoot from Flinders Street Station,” according to the executive.
Or, he said, 1464 trams pass it a day.
“The area is unlike anywhere else in the city fringe, overlooking the Royal Botanic Gardens and a short stroll to the city,” Mr Burke said.
The low-rise precinct is about to become even more central when the nearby ANZAC Station opens in 2024, connecting it to the University of Melbourne and Arden via two CBD stops (story continues below).
For 10 years prior to the renovation, 332 St Kilda Rd was tenanted to Holmesglen.
Telstra occupied for a decade before that.
Getting back to the office
Melburnians have been returning to the office progressively this year – in the CBD, 49 per cent of employees attended work in June compared to 4pc in January, according to the Property Council of Australia.
On peak days in September, occupancy is at 60pc, putting the city about par with Sydney (65pc), but behind Adelaide (83pc) and Perth (84pc).
Mr McMahon expects occupancy will surpass 80pc in Melbourne next year.
“For many businesses, innovation isn’t happening with a dispersed workforce,” Mr McMahon said, about the Work From Home trend, in practice.
“Many managers are also finding it difficult to instil company culture with Zoom meetings sometimes the only form of group collaboration,” he added.
Mr Cosgrave said, since COVID, several organisations have upgraded their accommodation – a concept known as flight to quality – choosing locations and buildings which could both encourage people back to the office, and help attract new talent.
“They’re doing this realising that offices play an important role in collaboration – which leads to, amongst other things, productivity, employee wellbeing and company ethos,” he added.
“They also unblur the line of keeping work and home lives separate,” according to the executive.
Mr McMahon said as employees see more colleagues at the workplace, more feel comfortable coming back.
“Fear of missing out is a major reason for that,” he said, with employees not wanting to be overlooked for professional opportunities or social events, he added.
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