It’s a sell out at Industry Business Hub

Popular South Melbourne development Industry Business Hub, by MAB Corporation, has sold out as the year draws to a close.

Colliers International’s Ted Dwyer and Hamish Burgess, in conjunction with DTZ agents Patrick O’Callaghan and Danny Clark, have sold the last remaining suite in the Gladstone Street commercial complex prior to auction.

Suite 3.16, a 108sq m suite with car space, was snapped up by a private investor for $410,000 amidst significant interest from both investors and owner-occupiers.

All 70 bespoke studio office spaces have now been successfully sold within the development, along with the freehold for the thriving Gasoline Café on the ground floor, which was sold as an investment.

“This final sale means Industry Business Hub will ring in 2013 with 100 per cent occupancy,” Mr Dwyer said.

“The development has been exceedingly popular and the pace at which individual suites have been snapped up in recent months confirms the success of the project.

“For an investor to buy a vacant strata suite is a strong sign of faith in a development.

“Those who have bought into Industry Business Hub have expressed every confidence in the product and indicated that they can lease the space quickly.”

Mr O’Callaghan said both owner-occupiers and investors were attracted to the unique nature of the building.

“What we have heard again and again is that Industry Business Hub was unlike anything else in this particular office market,” he said.

“The area surrounding the development has recently undergone the much-publicised Fishermans Bend rezoning, from Industrial 1 to a Capital City Zone, which has made property in the precinct highly sought-after.

“Industry Business Hub and the surrounding ‘Montague Precinct’ are already benefiting from an abundance of amenity in the area, and this is set to grow exponentially following this rezoning.”