One of Asia’s largest co-working organisations, the Hive, has agreed terms on a management agreement to occupy the three upper levels of the historic,1880s constructed, Milton House on one of Melbourne’s most celebrated boulevards, Fitzroy Street in St Kilda.
the Hive Milton House is due to open in mid-2023 as a boutique co-working space featuring views across Fitzroy Street to the Bay and city skyline, 14 luxury private offices, a high-tech meeting room, a member’s kitchen, a garden events terrace, and end-of-trip facilities including showers and bike storage.
The new location will be a part of The Flexi Group, which formed last year following the merger of regionally recognised brands the Hive, Common Ground and The Cluster, to form one of the largest operators of flexible workspaces in the Asia Pacific region.
The St Kilda move follows the recent announcement of the Hive as the anchor tenant at Hirsch & Faigen’s new $70 million office development at 222 Hoddle Street Collingwood.
Teska Carson Executive, Luke Bisset, who has been appointed by the building’s owner to lease the remaining ground floor retail tenancies, with colleague Reece Israel, said the 123 Fitzroy St property was currently undergoing a stylish and up to date refurbishment involving Therefore Architects and Jack Merlo Landscaping.
“This beautifully designed and refurbished property will be the perfect base for creative entrepreneurs, start-ups and established businesses.
“It will provide an absolutely brilliant package for those looking to capitalise on one of Australia’s most iconic addresses along with a creative clientele occupying the upper three levels backed by one of the largest co-working organisations in the Asia Pacific region, not to mention the enormous existing tourist and local trade catchment,’’ Mr Bisset said.
He said on completion the property, located on the corner of Grey Street, directly opposite the George Hotel and St Kilda Station, would feature high ceilings, flexible floor plates, and floor to ceiling windows creating an abundance of natural light. He said signage rights on the highly exposed corner site and easy access to major arterials and public transport provided tenants with very attractive business prospects.
“This is an extremely well credentialed retail space from its location to the first rate exposure and transport options along with three phase power, separate meters and a number of other standard inclusions including Soffit to the entire street frontage and concrete floors,’’ Mr Bisset said.
He said the 159 square metre, ground floor retail tenancy was available as a whole or as separate 119sqm and 40 square metre premises with Fitzroy Street and Grey Street frontages.
Mr Bisset said the blue chip opportunity would allow incoming retailers to be part of St Kilda’s revitalization, highlighted by substantial redevelopment and investment by the likes of Gurner, the new $36 million Pride Centre and the future redevelopment of two substantial holdings on Fitzroy Street, being 61-73 Fitzroy Street and 3-15 Fitzroy Street, held by two prominent Sydney developers.
“There are also several quite significant projects being discussed or underway including the $53 million St Kilda Pier redevelopment, the St Kilda Triangle Redevelopment next to the Palais Theatre, and the Alma Park revitalisation project,’’ Mr Bisset said.
He said recent sales activity in the immediate area, including that of the Espy Hotel for $64 million, highlighted the insatiable demand for properties as investors/developers look to take advantage of what the revitalisation may deliver.
Mr Israel said the new retail tenancies would appeal to a broad range of businesses given the exceptional location.
“St Kilda has long been recognised as a major commercial, retail, educational and lifestyle hub with an abundance of established national and local retailers, fine dining and entertainment venues, that continues to attract new businesses and residents.
“Its acknowledged reputation for liveability and population growth, along with its increasingly affluent demographic will be noted by prospective tenants as having a great capacity to deliver strong business growth,’’ Mr Israel said.
The Flexi Group has more than 45 properties across 12 cities in nine countries with Melbourne locations including the Hive Collingwood, The Cluster in the CBD, and the soon to be open Hive Abbotsford.
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