$400m+ Younghusband Bet Pays Off as Stage 1 Suites Fully Leased

The globally renowned, award-winning Younghusband redevelopment – a $400 million-plus adaptive reuse investment in Kensington – has secured a run of multi-year leases across its Stage 1 Station Building, with all Level 1 spec suites now fully leased, signalling continued leasing momentum in a cautious office market.

The latest leasing includes Hawk-Eye Innovations (a Sony company), the Australian Federal Government, Danihers Facility Management and Kapitol Group, with four spec suites taken across Level 1. A new release of Level 2 spec suites will follow shortly, responding to demand for high-quality, move-in-ready space in Melbourne’s city-fringe market.

Younghusband is transforming a landmark heritage woolstore site into a mixed-use destination, delivering up to 56,000 sqm of contemporary workplace and public-facing retail space anchored by laneway amenity.

Designed as a precinct, Younghusband is building a destination with an “always-on” feel, where ground-level retail and laneway experiences help keep the site active beyond the traditional Monday-to-Friday workday, including after hours and on weekends.

The development sits within the broader Macaulay/Arden urban renewal area and is designed to support the evolving expectations of tenants seeking premium space, strong connectivity and amenity that extends beyond the traditional workday.

Graeme Katz, CEO of Irongate Group, said the leasing result reflected sustained tenant appetite for character-rich, ESG-forward workplace environments, particularly in the city fringe.

“In a market where businesses are more selective than ever, we’re seeing demand concentrate around quality, flexibility and places that genuinely feel worth the commute,” Mr Katz said. “Having all Level 1 spec suites now fully leased, and moving quickly to bring Level 2 to market, is a strong signal of confidence in what Younghusband is delivering.”

Complementing the office leasing momentum, Younghusband has also secured two new retail tenants that will be accessible to the public from the precinct’s ground-floor laneway in the Stock Building – ONA Coffee (approximately 238 sqm), the 2024 Good Food Café of the Year; and Cobb Lane (approximately 149 sqm), world-class artisan bakery.

Both operators are expected to open within the first half of 2026 (timing TBC), strengthening the precinct’s day-to-night offering and supporting broader visitation beyond weekday office peaks.

“Office leasing today is inseparable from precinct experience,” Mr Katz said. “High-performing workplaces are increasingly the ones embedded in places people want to be; with great coffee, hospitality and a sense of energy at street level.”

Younghusband’s international credentials were underscored in 2024 when it won Creative Reuse at the World Architecture Festival (WAF) in Miami — a global awards program judged live before an expert jury. Accepted by lead architect Woods Bagot, the award recognised the project’s transformation of the heritage woolstores into a contemporary mixed-use precinct, praised for its activated ground plane and contribution to the public realm.

The Younghusband redevelopment is one of Melbourne’s largest adaptive reuse projects, restoring and reimagining historic woolstore buildings into contemporary workplace and retail space while retaining the site’s industrial character.

Leasing enquiries are being handled by Colliers and Cushman & Wakefield.

Younghusband is being delivered by a joint venture between Built, La Caisse and Irongate, with architecture by Woods Bagot.

More information: younghusband.melbourne