Demand for commercial space at 130 Little Collins in Melbourne’s CBD continues to be high with 75% of the space already sold to buyers from a range of industries and business sizes, according to its developer Golden Age Group.
As the only brand-new strata office within Melbourne’s CBD to be delivered this year, 130 Little Collins is witnessing an increase in sales and enquiries, with many businesses looking to own their own office as opposed to leasing it. Businesses that have bought into the development range from boutique financial services and medical consulting to project management and hospitality, as well as companies expanding from Sydney to Melbourne.
Sales to date have ranged from $1.37M upwards to $13M, following the purchase of two levels of commercial space by Australia’s leading restaurateur, Chris Lucas in May last year. Another buyer, an owner occupier, recently purchased a half floor office for $2.89M.
Strata-titled office buildings account for only 5 percent of the total Melbourne CBD office supply, with the vast majority of existing strata buildings having been built prior to the 1990s, according to Cushman & Wakefield. This makes 130 Little Collins highly appealing to those seeking a state-of-the-art fitout within Melbourne’s exclusive Paris End.
“In addition to a flight to quality to encourage employees back into the office, we have also noticed a clear shift in business owners not renewing leases and instead purchasing a strata office,” says Cushman & Wakefield’s international director & co-head investment sales Oliver Hay.
“This shift became more evident off the back of Covid, with many businesses stuck in leases for offices they were no longer using, largely as a result of downsizing office requirements off the back of new hybrid working models, but also more and more businesses have started to explore the benefits and flexibility strata office offers,” Hay says.
Having complete control, flexibility and ownership of the fitout, the long-term security of a business’ operating location, depreciation benefits for new and off the plan acquisitions, as well as wealth creation via capital growth or rental income are some of the benefits that companies find appealing in strata offices.
“The idea for 130 Little Collins was to create a building that struck a balance between work and play. We created an environment that was less like a commercial office, but more like a unique lifestyle hotel. The ultimate goal was to develop a product and give people an opportunity to own a piece of Melbourne’s prestigious east end,” says Damien Hehir, development director at Golden Age.
130 Little Collins
Designed by Cox Architecture, Hecker Guthrie and Jack Merlo, the 28-level commercial development offers office spaces with column-free floorplates and maximised floor-to-ceiling heights of 2.7m from Level 2 to Level 27.
130 Little Collins comes complete with a rooftop terrace garden that offers a beautiful outdoor space for casual meetings and lunches during the day and transforms at night into a space to entertain co-workers and clients alike.
The subterranean end-of-trip facilities include private change rooms with showers and towel service, individual storage lockers and a waiting lounge, as well as bicycle parking facilities.
Images: Supplied
