Commercial leasing: Watch this space

Commercial leasing: Watch this space
Commercial leasing: Watch this space

The estimated rent per square metre that fashion retailer Marcs will pay to lease its flagship store in the Melbourne CBD retail core. The shop at 256 Collins Street comprises 430 square metres of retail space. Marcs has committed to a 10-year lease in a deal negotiated by CBRE’s Max Cookes and Zelman Ainsworth. “The deal illustrates that quality retail properties in prime locations are still achieving strong results,” says Cookes, who added that the incentive was less than 8%, with the rent in line with the market. Ainsworth says the Marcs store adds to the increasing number of major retailers that had secured a presence within this “exclusive pocket of Collins Street”. Other retail leasing deals concluded during the past 18 months include: Telstra at 220 Collins Street, Tiffany& Co. at 367 Collins Street, Nespresso at 247 Collins Street, Gânache Chocolate at 245 Collins Street, Thomas Pink at 357 Collins Street and Vapiano at 357 Collins Street.

 


The net rent per annum that Adelaide mattress retailer Elite Bedding will pay to lease a 1,500-square-metre office/showroom/warehouse in Edwardstown, six kilometres south-west of the Adelaide CBD. The 966-970 South Road property comprises a corner site with prominent street frontage. Elite Bedding has committed to a five-year lease with two five-year options. The deal was negotiated by CBRE’s David Ludlow and Dallas Sears on behalf of a private investor. Ludlow said the property’s multiple facilities were key deciding factors in the lease.

 


The amount professional body care treatments provider Brazilian Sunset will pay per square metre to lease a 123-square-metre ground floor shop at 410 Lonsdale Street, Melbourne. The five-year lease with a five-year renewal option, which commenced on May 1, was negotiated by Colliers International’s Mike Crittenden. “Due to the refurbishment of The Strand Arcade, at the corner of Lonsdale and Elizabeth Streets in the Melbourne CBD, there has been an increase in demand from sitting tenants looking to relocate within the immediate area,” he says. Crittenden says approximately 158 square metres of office space remains in this building.

 


The estimated annual rent that building and plumbing supplies company the Building Connection will pay to lease new headquarters in the Gold Coast industrial precinct of Molendinar. The company, which specialises in supplying builders and plumbers for residential and commercial projects, has leased 2/3 Expansion Street, Molendinar, in a deal negotiated by Steve Macgregor of Ray White Industrial Gold Coast. The 423-square-metre property includes an office/mezzanine area, with the warehouse component offering a rear roller door and multiple three-phase power outlets. The company has signed a three-year lease with a three-year renewal option.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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