A $50 million refurbishment of Melbourne's World Trade Centre has yielded another 4000 square metres of leasing deals.
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All 12,000 square metres of space at the WTC's Tower 4 have been leased in the past 12 months.
"This has been a stunning result in what has otherwise been a tough leasing market and tapping into what was previously a virtually unknown office market," Savills Australia agent Phil Cullity✓ said.
"We identified our key market early but the refurbishment was really the key, along with the waterfront access."
The WTC is on the Yarra River across the water from the Melbourne Convention and Exhibition Centre. The complex, owned by Asset 1, includes five office towers ranging from eight to 12 storeys, offering a combined 70,000 square metres.
The new five- to 10-year leases were struck on rates ranging from $290 a square metre for lower levels to $340 a square metre for high-rise space.
New tenants at Tower 4 on 18-38 Siddeley Street include Academy of Interactive Entertainment, which is taking 2545 square metres, the non-profit Rural Workforce Agency (550 square metres), Connect Furniture (250 square metres) and Compass Offices (733 square metres).
The deals were negotiated in conjunction with Colliers International.
