South Yarra's first-ever commercial tower is officially on the market, with prospective tenants invited to register their interest for space within 627 Chapel Street.

Works have commenced on Goldfields’ $300 million, 24-level, PCA A-Grade office tower, with construction set for completion by September 2021. 

Goldfields Chief Operating Officer, Lachlan Thompson company was excited to watch its vision become a reality over the next two years. 

“There is a rapidly growing appetite for office space in South Yarra due to scarcity of opportunity in the area, coupled with record low vacancy rates in the Melbourne CBD and broader Melbourne City Fringe market," he said

“With an approximate floorplate range of 900 square metres to 1250 square metres, coupled with a building design that easily allows for interconnecting staircases, we’ve had strong interest from larger businesses with two to three-year views on their lease expiries seeking space in the 3000 sqm to 6000 sqm range. 

Source: Goldfields

“At the same time, we’re already seeing enquiries from smaller businesses, looking for space in the 900 square to 1200 square metre range, who traditionally start searching for their next home about 12 – 15 months from their lease expiry. 

 Cushman Wakefield's Director of Office Leasing for Victoria, Adam Spencer-Shirley, said Goldfields’ decision to speculatively develop the site was not only a vote of confidence in the strength of the Melbourne office leasing market, but also offered genuine certainty for potential tenants. 

“With no pre-commitment required to commence construction as a result of the developer’s speculative approach, prospective tenants can have complete confidence that the project will be delivered by the September 2021 deadline,” he said.

“This means risk-averse businesses who choose 627 Chapel St as their new home are assured construction delays won’t leave their relocation in limbo and they will avoid the costs associated with extending their current lease or securing temporary space at an inflated price." 

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