Pellicano Secures Largest Suburban Office Leasing Transaction For 2015

Pellicano has secured one of south east Melbourne's largest commercial deals for the year with Visionstream securing 7,600sqm at its $500 million masterplanned Parkview Estate in Moorabbin.

Visionstream - a leader in Australia and New Zealand’s telecommunications market - has committed to an entire office building within the 51 hectare estate, which is situated just 20km from Melbourne's CBD.

Colliers International national director Rob Joyes, who negotiated the deal, said it was the largest office leasing transaction in Melbourne's south-east for 2015.

"The metro market has had a robust year, despite attractive offers from CBD landlords, but the Visionstream deal is certainly one of most significant leasing deals of the year, " he said.

"Vision Stream is joining big brands like Bunnings, Bolle, Westpac and Danks Home Timber and Hardware who are operating out of Parkview Estate, a suburban business park.

"More and more companies are looking to the suburbs to escape traffic congestion, limited parking and space restrictions due to the smaller floor plates on offer in city locations, and the suburban office market is expected to continue to expand and move towards increasing pre-commitment activity in 2016."Pellicano managing director Renato Pellicano said the office building, which was purpose built in 1998 as the South East Water headquarters, was vacant for less than a month reinforcing the strong demand for suburban office spaces.

"Visionstream virtually moved into the office as soon as South East Water vacated, on the back of some minor refurbishments," he said.

"Parkview Estate currently has 19,000sqm of commercial offices spread across five buildings with a vacancy rate of less than 2 per cent.  A sixth office building is currently under construction which will take the total commercial space to over 22,000sqm.

“To have such a minimal vacancy period and a consistently tight vacancy rate is testament to the quality of the building, of Parkview Estate and the amenities on offer to our tenants."Pellicano has renovated approximately 200sqm of the building, where South East Water’s canteen was located, and will be converting it into a café which will cater to the 3,000 workers within the estate.

Parkview Estate is now home to over 65 business and 3,000 workers and includes Quest serviced apartments, 75 residential apartments, the 25,000sqm Moorabbin SuperCenter, the Otto Lane café, gymnasium, swim school, childcare centre and retail banking.