Steller’s Caulfield East HQ for rent “immediately”

EXCLUSIVE

Steller’s Caulfield East headquarters is for rent.

The developer, which is winding down in high-profile circumstances, only recently moved into the newly renovated office at 840 Dandenong Road, after signing a long-term lease.

The curved, glass building, owned by the Zagame family, was previously occupied by Glenvill Homes.

Steller rented it following this Colliers International campaign a couple of years ago. It is understood the unrenovated space at the time was worth about $320 per square metre, per annum. It was offered for a 10 year term.

The double-storey office offers 1278 square metres of lettable area.

Colliers International has the appointment again – Tom Rothel and Damien Adkins’ listing this week promoting that the 1278 square metre space is “available immediately”.

It is unknown – but would be surprising – if Steller has been paying rent for 840 Dandenong Road in recent months.

It is also unknown if the landlord paid for the luxurious fit-out as part of a lease incentive (fit-outs, like rent-free periods, are common incentives landlords offer tenants upon signing a rental agreement. Incentives vary depending on supply and demand).

The renovated staff room at 840 Dandenong Road, Caulfield East.

Last week we reported that Steller vacated a Moorabbin warehouse without notice, or paying rent, and with 18 months left of a lease agreement to run. Steller occupied this premises for a six-month rent free period prior to January, 2019.

As we reported exclusively last Thursday, a high-profile site Steller co-controls, the Continental Hotel in Sorrento, is quietly being touted for sale. The vendors began an $80 million redevelopment of this block last October.

Steller is also marketing sites for public sale in East Keilor, Hampton and South Melbourne. Another holding, in St Kilda, where the Greyhound Hotel once stood, is expected to hit the market shortly.

Today, we reported that Steller sold an office in Highett, permit-ready to be replaced with a much more substantial commercial complex.

The double storey office is about 10 kilometres south-east of the Melbourne CBD.

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Marc Pallisco

Marc Pallisco

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

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