Commercial demand sparks $16 million University Hill office release
With University Hill’s first commercial office building a fast sell out, MAB Corporation will release its next office suites development on Monday April 14, known as ‘twenty enterprise’.
The $16 million, four storey commercial building will offer 4,000 sqm of office space and will include up-to 36 office suites ranging from approximately 45 sqm to 500 sqm, along with secure basement car parking.
Colliers International selling agent Tim Grant said, “Melbourne’s north is not traditionally known as an office location, hence there’s been a lack of commercial property in the area. The University Hill offering is a great asset for local businesses wanting to take the next step into a professional building.
“The first building was over ninety percent sold before construction was complete – needless to say, demand is already growing for this second release. In fact, much of the interest is coming from the first office building purchasers,” Mr Grant said.
“Interested buyers are being drawn to the complete business park concept which not only includes a high quality office environment, but incorporates added extras such as retail amenities, childcare centre and gym.”
With the lack of commercial office space in Melbourne’s northern corridor, many local businesses are currently positioned above dated retail businesses along busy shopping strips. These locals are now able to upgrade to a modern professional office environment surrounded by range of services and amenities including a childcare centre and soon to be completed well-being centre.
“Demand is coming from small businesses operating in secondary office space, the population growth in Melbourne’s northern corridor and local residents wanting to work closer to home,” Mr Grant said.
“The quality and quantity of surrounding amenities is very important to office users, making University Hill an area of choice for business, particularly with the close accessibility to nearby freeways and access to the Metropolitan Ring Road.”
With similar ecological and sustainable features to other University Hill buildings, twenty enterprise will incorporate energy efficient lighting, sensor operated amenity lighting, drought tolerant landscaping and onsite water retention systems.
Jason Wood, MAB’s Project Director said, “University Hill offers the first major corporate offices in Melbourne’s north, and the success of the first office building shows that businesses in the area are eager to move into high quality business park environment.
“Many of the businesses moving in have cited University Hill’s modern architecture, location and range of community amenities as the primary reasons for their move,” Mr Wood said.
Construction of twenty enterprise is expected to start in August and completed by the same time next year. Prices start from $185,000 for 45 sqm.