New Lease to Swinburne University Negotiated
Gorman Commercial recently completed a new lease to Swinburne University at 2 Luton Lane, Hawthorn. This free standing office building of 5,660 square metres has been leased for five years at a rental of $510 per square metre including 182 car spaces.
The building has more recently been occupied by skilled engineering who have made way for Swinburne in the largest leasing commitment in Hawthorn.
Stephen Gorman facilitated the deal for both parties securing Swinburne’s commitment for five years. “ Due to the lack of office development in recent years, large stand alone offices such as Luton Lane are in rare supply. Swinburne are committed to Hawthorn with the main University campus only walking distance away.”
As education facilities continue to grow in these thriving commercial precincts, it is not uncommon for these institutions to occupy office buildings around their main campus. Mr Gorman said, “The Burwood Road location, in particular this large office hub in and around Luton Lane with its proximity to the Glenferrie Road shopping strip and train station, has certainly become one of the strongest office areas outside of the CBD.”
There is now an extremely low vacancy rate in Hawthorn and together with some new development over the next few years, there are no signs of growth slowing. “ Swinburne are very pleased to achieve a 5-year lease to take away uncertainty as rental levels continue to rise to cater for rising land and building costs which need rental growth to justify new development.”