As a regeneration of the current car parking site at 15-87 Gladstone Street South Melbourne, MAB will recycle this former 8,500sqm industrial site into brand new-cutting edge commercial building covering
13,950 sqm upon completion.

Industry will comprise of three buildings, with two scheduled for launch in late July. The $70 million development will have studio warehouses ranging from 46 sqm and offices ranging from 64 sqm. The entire development will have 300 car parks spread over four levels.

With a flexible mix offering; “Warehouse Studios, ‘Garden Offices’ and premium ‘City Office Suites’, Industry provides the ideal space for different users in one dedicated business precinct. The edgy urban design of Industry has already attracted interest from a host of creative agencies and fashion houses.

MAB General Manager Commercial and Industrial, Mr Philip Soumilas said, “We believe the project is going to be of particular appeal to creative industries looking for the opportunity to locate their business to a unique dedicated commercial environment. New businesses will enjoy the amenity that South Melbourne and surrounding suburbs have to offer.”

Industry is located on the corner of Gladstone Street South Melbourne, in easy reach of the CBD, Southbank, Docklands and Port Melbourne and the freeway and tollway road networks. Its central location also provides access to a range of amenities including shopping, cafes, fine dining and entertainment. The South Melbourne area has become a highly enviable location for business, attracting the likes of Austereo, Spotlight, Primelife and National Builders to re-locate here.

The project will be sold with conjunctional agents, Tim Grant of Colliers and Lachlan Thompson from Jones Lang LaSalle.

“Interest from owner occupiers and investors has been very solid to date. While the vacancy rate for the southern fringe market is currently at a record low 2.5%, Investors are taking a very positive view that a product of this calibre will be snapped up by a broad range of tenants. Likewise owner occupier market interest has been strong, which until now has been starved of quality accommodation to purchase in the immediate area,” said Lauchlan Thompson Senior Executive at Jones Lang LaSalle.

“The project will be one of kind for the Fringe, never before have owner occupiers or astute investors been offered such a cutting edge, new age product that is so well located at competitive market rates. It’s an exciting project and opportunity to be involved in.” Mr Thompson said.

Both buildings are for sale and lease with the units in the Warehouse Studios starting from $171,000 and units in the City Office Suites start from $356,500. The Garden Offices are 32, two-level self contained office buildings (similar to a townhouse design) and are due for release in late 2009 – 2010.

After a pre-marketing release to MAB’s databases, approximately 10 percent of the project is either reserved or under offer prior to the public launch.