In the early stages of a development surge, South Yarra’s office market is attracting high quality operators looking to be part of the famous suburb’s evolution..
Remedy Drinks - the bottled kombucha label - has leased a whole floor of 500sqm, plus two large terraces at each end, in South Yarra for use as their head office.
Samuel Friend and Stephen Land of Fitzroys negotiated for Level 2 of the building on behalf of a private landlord. Remedy Drinks was represented by Marcus Quinn and Lincoln Reynolds of Quinn Reynolds.
The three-year lease has two further three-year terms, and was struck at $270,000 per annum.
Friend said Remedy Drinks is moving from Clayton to be closer to be close to the city, and for a much larger office that would accommodate their growth.
They also were keen to move into a unique, modern office with plenty of natural light, and with space for functions and cocktail events, and the property also includes four on-site undercover car parks.
“Interest through the campaign was received from a number of high quality, younger companies demonstrating a clear appetite for office space within South Yarra.
“Demand throughout the Richmond and Cremorne markets is starting to spill over to neighbouring city fringe markets such as South Yarra, which has a massive office pipeline in line with its growing population.”
The famous Jam Factory in the heart of Chapel Street is set for a $1.25 billion overhaul that will introduce some 50,000sqm of new office space, as well as retail space, across five new buildings, while retaining historic components of the site with an upgrade of its hospitality offering and famed Hoyts cinema.
Meanwhile, developments including 627 Chapel Street and Chapel Plaza at 402 Chapel Street will bring nearly 30,000sqm of further new offices to the area, following on from the residential development surge at the adjacent Forest Hill precinct, while the Capitol Grand and Aloft Hotel will add further vibrancy to the area.
“A younger generation of Melburnians that prefers to live, work and go out across the inner city is growing its presence in the workforce. Businesses are wanting to attract and retain their talent, and South Yarra is highly accessible and the area boasts excellent retail and hospitality offerings,” Land said.