AMA Building Fully Leased

Posted on 17th June 2020

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The Australian Medical Association building Parkville is now fully leased, demonstrating demand for smaller-sized offices across the inner city as Melburnians embrace new working arrangements.

Lewis Waddell of Fitzroys leased two office suites at 293 Royal Parade, of 130sqm each, to Mayfair Property Management and M&T Chartered Accountants.

Waddell negotiated the deals on behalf of the Australian Medical Association.

Asking rents in the building can range from $450 to $500 per sqm gross.

Waddell said enquiry came from other financial services and property management tenants, operators in the medical and allied health spaces, and architects.

“Demand for smaller-sized offices has increased across the inner-city over the past few months in line with changes in working-from-home arrangements.

“Both tenants are moving from other fringe locations to Parkville due to the lifestyle amenities and accessibility, and affordable rental compared to the Cremorne and South Yarra markets.”

He said tenants were attracted to Parkville’s parks, accessibility via road and multiple public transport options, and ease of access into the CBD.

Waddell recently fully leased a mixed-use multiple home office and retail building at 420 Church Street, Richmond to new tenants bridal studio By Kinsman, Steve Domoney Architecture, and fitness centre The Gym. Despite uncertainties created by COVID-19, the last two remaining home offices were leased at the beginning of April, as social distancing restrictions were put in place.