In the biggest off-market deal in the Monash Technology Precinct, Milwaukee Tools (aka TTI Global) has leased 4000 sqm at 611-625 Blackburn Road, Notting Hill.
JLL Victoria Senior Director – Head of Metro Office Leasing Josh Tebb negotiated the 4,000 sqm lease and 176 car spaces for 10 years at an undisclosed rent.
He said Milwaukee Tools selected the site due to its proximity to Monash University and the potential to attract the highly skilled talent coming through the university.
The lessor is Monash University, which recently acquired the former Toyota research and development centre for $66 million following a marketing campaign by JLL Capital Markets. The 3.6-hectare site is opposite the University’s Clayton campus in Melbourne’s Southeast.
JLL Q1 Research found that the 1.6 million sqm South Eastern Suburbs (SES) had an overall vacancy rate of 12.5% with 195,000 sqm available.
Research found that the Monash Precinct, the largest of the five monitored markets with 528,585 sqm, had a vacancy rate of 14.6% with just 77,000 sqm vacant.
Mr Tebb said the JLL Research Monash Precinct it monitored took in several neighbouring suburbs (Clayton, Glen Waverley, Hughesdale, Mulgrave, Noble Park, Notting Hill, Oakleigh, Wheelers Hill, Box Hill) around the Monash University, and the designated Monash Technology Precinct had very little space remaining.
The Monash Technology Precinct is a world-class city centre designed for innovative technology businesses. It is Victoria’s largest hub for employment and innovation outside of the Melbourne Central Business District. Mr Tebb said that whilst that whilst overall sentiment has dipped in Q1, 2023 there are some other strong deals in the final stages of negotiations that will finalise soon.