A WATERFRONT City (NewQuay) office building has soaked up a number of tenants looking for space in the Docklands precinct.

The building, at 425 Docklands Drive, has seen 12 of 14 tenancies snapped from September 2015 to March 2016.

JLL office leasing executive, Alexandra Harper negotiated the deals on lease terms ranging from one to five years.

The deals included:

– Tenancies 1 & 2 – Gap Maps signed leases for 55sqm and 109.7sqm spaces on three-year terms.

– Tenancy 5 – Moving Hub signed a three-year deal for the 166.1sqm space

– Tenancy 6 – Lifecare Physio – Health Network Australia took the 175.7sqm space on a five-year deal

– Tenancies 7, 8 & 9 – Shannon Power Management took the 184.7sqm, 149.2sqm and 75.2 sqm tenancies on a five-year deal

– Tenancy 10 – DRM Technologies signed a 1-year deal for the 47.2sqm space

– Tenancies 11, 12 & 13 – CP Merchandising Company signed a 2-year lease for 35.9sqm, 43.6sqm and 65sqm spaces

– Tenancy 14 – OTI Management signed a 3-year deal for 85.3sqm space

The building was developed by ING in 2005, with Melbourne investor JAK Investment Group entering a contract to buy the 14 office suites in late 2015.

Harper said more businesses are deciding to set up in the Docklands to leverage the benefits of the quality product offering and comparatively cheaper rents to the neighbouring CBD office market.

“Docklands has become an attractive value proposition for tenants that may have been displaced or priced out of the Melbourne CBD or fringe office markets,” Harper said. “425 Docklands Drive sparked significant tenant interest within the market because of the limited availability of small office suites.”

Published by Australian Property Review

20 June 2016