News

Education Group Secures CBD Space

Posted on 27th June 2022

400 Spencer 1

Education groups are again making commitments to Melbourne CBD office space in the COVID-normal environment.

Fitzroys’ Hamish Dennis and Stephen Land leased the high-exposure 531sqm two-level building at 400 Spencer Street, on the corner of Batman Street to Gnosis Enterprises, on behalf of Shangyi Property Group.

The 2+2-year deal was struck at $130,000 per annum, or $245 per sqm.

“Education tenants have become more active in the CBD office market over the past few months as international borders reopened, and with the return of in-class learning across institutions and activity returning to the city,” Dennis said.

Gnosis are an education group that work in the medical field and had a preference to be in a northern location of the CBD, close to the world-class hospitals precinct.

Dennis said the enquiry was predominantly from education groups, as well as hospitality groups looking to transform the building back into its original state as a pub and restaurant. Until 2015, the building operated as the Carron Tavern before being converted into a 9B-certified building with lecture theatres by previous owner-occupier the Menzies Institute of Technology. Shangyi Property Group has since refurbished the property further.

Dennis added that self-contained offices continue to be sought-after given the greater health security logistics of the current climate.