Sunkin Property Group secure the largest St Kilda Road office deal since 2021, signalling renewed confidence in Melbourne’s premier boulevard.
Sunkin Property Group has successfully negotiated a significant leasing transaction at 509 St Kilda Road, with Monash University committing to 6,754 square metres on a seven-year term. The deal represents the largest office leasing transaction on St Kilda Road since 2021 and underscores renewed confidence in Melbourne’s premier boulevard.
Monash University will relocate from 553 St Kilda Road to 509, attracted by the building’s large expansive floor plates, modern amenities, and proximity to the Alfred Health Precinct. The move supports Monash’s strategic focus on healthcare and research collaboration, with Alfred Hospital just a short walk away.
Matt Cosgrave, National Director | Office Leasing at Colliers, who advised Sunkin, said, “Monash University’s commitment to 509 St Kilda Road highlights the strength of the St Kilda Road precinct, which has recorded strong net absorption throughout 2025. We’ve seen a surge in leasing activity, and this commitment by Monash is a testament to the quality of assets and amenity on offer.”
To support Monash University’s transition, Sunkin has commenced planning and coordination for the tenancy, undertaken alongside its design partner, Gray Puksand.
Lloyd Collins, General Manager Property and Development at Sunkin Property Group, said, “We are undertaking a fully-integrated fitout on behalf of Monash University, which will be delivered by our construction partner SK Construction. Completion and occupation are scheduled for the start of Quarter 3, 2026.”
Mr Collins added, “Since acquiring 509 St Kilda Road in 2019, Sunkin has focused on repositioning the asset to meet the changing expectations of modern workplaces. The precinct is entering a period of significant renewal, and demand for flexible, sustainable commercial space continues to strengthen. Our refurbishment program is designed to ensure the building can support these long-term shifts in how organisations use their office environments.”
JLL Tenant Representation Peter Walsh and Ed Hill represented Monash University in this negotiation. Mr Walsh said the University regularly market tests their real estate requirements to achieve the best value terms and highest quality experience for their staff and students.
509 St Kilda Road is widely regarded as one of the precinct’s best office assets, offering double frontage to St Kilda Road and Fawkner Park, a grand atrium foyer, refurbished business lounge, ground-floor café, onsite gym, and 325 basement car parks. The building’s connectivity is further enhanced by direct access to seven tram lines and the upcoming opening of Anzac Station, part of one of Victoria’s largest infrastructure projects, the Metro Tunnel.
Professor Stephen Jane from Monash University commented, “Relocating to 509 St Kilda Road will provide expanded teaching space essential for our large student cohort, whilst retaining close proximity to the Alfred Precinct, which is critical for our research and healthcare partnerships. The building’s large floor plates and modern facilities will support our teams and future growth.”
509 St Kilda Road is owned and managed by Sunkin Property Group, who are coordinating all works associated with the University’s relocation. The transaction leaves the building with approximately 10 per cent of net lettable area remaining available for lease ahead of the refurbishment’s completion. AIA and Webjet remain the other major tenants within 509 St Kilda Road, reinforcing the building’s position as a hub for leading organisations.
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