Melbourne, 27 May 2015 – Not-for-profit healthcare service Cabrini Health will occupy the top floor of the former Shell headquarters in Hawthorn East after signing a circa 2,000sqm lease agreement.
Shell announced last year that it would be would be relocating from the 8 Redfern Road building to new headquarters at Docklands.
The building’s private owner subsequently launched a comprehensive leasing campaign for the three-level building, resulting in the Cabrini commitment. The deal was negotiated through CBRE’s Anthony Park in conjunction with Richard Height of Gorman Commercial.
The Redfern Road property comprises a total of 8,118 square metres of office space and features a 300-bay basement car park as well as high end end-of-trip facilities, including bike storage and showers.
Cabrini has secured the top floor as well as 70 car parking spaces on an initial 5 year lease term.
The floor will be occupied by senior management and administrative staff for Cabrini’s expanding health services business. The commitment follows Cabrini’s decision earlier this year to sell its existing offices, which are also located in Hawthorn East.
Mr Park said the lease highlighted the strong tenant interest in Melbourne’s inner east, with several other areas in the building also under offer.
“The inner east continues to outperform other suburban markets in terms of enquiry levels, quality of tenants and commercial terms,” Mr Park said.
“The fact that the Cabrini transaction was completed so quickly following Shell’s occupation of the building for 10 years is testament to that.”
Mr Height added; “Hawthorn has been particularly active this year with new leases struck with Jellis Craig, Marshall White, Aquire Learning and Fusion Retail Brands. Access to amenity, the freeway network and transport are key draw cards for this area.”
The Cabrini lease was struck at a net rental in the mid $300’s a square metre range.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
