One of Melbourne’s most innovative business parks keeps transforming, driven by the ongoing demand for purpose-built facilities that serve life sciences industry participants.

For years, Ferntree Business Park has been a desirable location for leading global health and life sciences companies, and as the biotechnology industry in Australia is forecasted to continue to grow over the next five years, driven by increased demand for and greater acceptance of biotech products, the park continues to transform, attracting key players from the industry.

"The life sciences real estate sector is a specialised market segment, driven by the ongoing demand for purpose-built facilities that serve life sciences industry participants' office, laboratory, research, and manufacturing needs, which is exactly what Ferntree Business Park has to offer," said Colliers' Director Ash Dean.

With Victoria’s State Chief Executive, Rob Joyes, Mr Dean has recently facilitated 18,239sqm of deals at the most innovative business park in Melbourne's inner east with existing tenants Olympus Medical, Draeger and Johnson & Johnson, having committed to upgraded space within brand-new purpose-built facilities.

Olympus has committed to 4,629 sqm on a 12-year lease, Johnson & Johnson has taken up 1,695 sqm of new office and laboratory space, and Draeger has committed to 9,067 sqm for ten years, respectively.

"Over the last few years, we have seen a significant rise in enquiry from biomedical and life sciences occupiers seeking space in the Monash Precinct. This wave of enquiry was kick-started by Cartherics, who opened a new $4 million lab to develop cancer immunotherapy treatments at 12 Ferntree Place in October last year," said Mr Dean.

"We are also excited to announce that we have just finalised a deal with Co-Labs, who will open a state-of-the-art innovation hub and biotechnology co-working laboratory," added Mr Dean.

Samuel Wines, Co-Founder of Co-Labs, said, "Co-Labs is excited to partner with JGS and the Victorian Government to deliver a premium co-working and co-located lab space right in the heart of the Monash Precinct." "We're looking forward to catalysing transformative innovation in the health and life sciences."

Ferntree Business Park is a new-generation business park that has created a lifestyle precinct through clever planning and design by Gray Puksand, incorporating inviting green spaces amongst cutting-edge commercial buildings and local amenities, such as café, childcare, Quest Serviced Apartments and ample on-site secure parking.

The recent announcement by the State Government regarding the location of the new Moderna mRNA vaccine manufacturing facility has further cemented the Monash Precinct as Melbourne's BioMed hub. The facility is located within the Monash Technology Precinct and adjacent to Monash University's Clayton campus on the corner of Blackburn and Wellington Roads.

"Since acquiring Ferntree Business Park in 2017, we have created a further scale for biomedical and life sciences users via the growth of existing tenants within the park and accommodate new users,” said JGS Property National Director of Property Investment, Russell Meacham.

“The strong level of interest and commitment for high-quality purpose-built biomedical and life sciences facilities at the property is in line with our strategy to continue the development of a collaborative research, development and manufacturing campus in the heart of the Monash Precinct."

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