Lennox College has leased a whole floor office at 260 La Trobe Street on the corner of Elizabeth Street, marking the next step in the building’s evolution amid a boom in student accommodation and residential development through the Melbourne CBD’s northern precinct.
Fitzroys Manager - Agency, Stephen Landnegotiated the four-year lease over 406sqm within the A-C Building at $152,250 per annum plus GST, on behalf of Landream.
The space had been previously tenanted by ProBuild as a site office for UEM Sunrise’s 88-level Aurora apartments and serviced apartments development next door.
The lease comes shortly after Fitzroys’ Alex Shum and Terence Yeh negotiated a long-term deal with fast food major Hungry Jack’s across the 500sqm ground floor of 260 La Trobe Street.
Hungry Jack’s will use the space as its new CBD flagship, looking to capitalise on the residential and student accommodation development boom through the north of the city, which has also prompted a flurry of enquiry from Asian-based retailers and hospitality offerings.
Lennox College specialises qualifications for business, leadership and management for high-growth industries, and states that its mission “is to train the future workforce of Australia and the Asia Pacific region”.
Land said Lennox had previously been located on St Kilda Road and was looking to secure a space in the CBD.
“The space received enquiry from education operators, immigration consultants and construction companies given its positioning close to universities and education institutions, and student accommodation and residential developments,” he said, adding that its positioning close to Melbourne Central was also a drawcard.
“The current use of the premises was for office, and the tenant will be undertaking the required work and permits to operate under their intended use.”
The pipeline of new purpose-built student accommodation projects nearby in the city includes a 300-unit development by Singaporean group Wee Hur at 185 A’Beckett Street, and Scape Student Living’s 61-level, 800-bed tower at 97 Franklin Street,
On the northern fringe of the city, Scape has just purchased 558-566 Swanston Street site with a permit for a 12-storey, 159-apartment tower, and will soon begin construction on its 650-bed 557 Swanston Street development on the former CUB site.