School secures Fishermans Bend office

The renovated South Melbourne building is leased to Think HQ.

A warehouse converted office at the eastern end of Fishermans Bend, closest to the Melbourne Convention and Exhibition Centre, has sold to an Adelaide based school.

The three level building on a 417 square metre Commercial 1 zoned block, 16-20 Thistlethwaite Street, South Melbourne, set the group back $6 million, reflecting a 3.79 per cent yield.

Part of 16-20 Thistlethwaite Street, fit out as a recording studio.

It intends to move in longer term.

Colliers’ Alexander Leggo, Daniel Wolman, Leon Ma and Anthony Kirwan were the agents.

Unexpected buyer

The sale of 16-20 Thistlethwaite St to an occupier was unexpected; the property is subject to a lease with marketing agency Think HQ which, with options, can stay until 2031.

The landlord also recently refurbished the 699 sqm of lettable area to an A-grade standard.

Part of it is fit out as a recording studio (story continues below).

An innovation centre and University of Melbourne campus earmarked to replace the GMH site.

There are also 12 undercover car parks.

Next door, Axiom Group recently completed a Build to Rent project, Montague Square, with 107 flats and 86 car parks over 18 floors.

Kirrip Park and the multi-level South Melbourne Primary School are also in the pocket.

Mid last year, the state government unveiled the proposed innovation precinct set to replace the bulk of the ex-GMH Fishermans Bend site, in Port Melbourne, a couple of kilometres west of 16-20 Thistlethwaite St.

Another part of that block is earmarked for a University of Melbourne campus.

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Marc Pallisco

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