Steller’s Caulfield East headquarters is for rent.
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.
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).
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.
Today, we reported that Steller sold an office in Highett, permit-ready to be replaced with a much more substantial commercial complex.