Commonwealth Bank leases space in Melbourne's busy Glenferrie Road shopping strip

Commonwealth Bank of Australia has leased space in Melbourne’s Glenferrie Road shopping strip, which according to leasing agent Allard Shelton is the largest dollar value letting deal in 2017.

The agreed rent of $275,000 p.a plus GST and outgoings for 142 Glenferrie Road, Malvern works out for a rent of $859 per sqm.

“Demand for retail property in Melbourne is still strong and freehold buildings on high exposure corners like this are always sought after,” said Allard Shelton’s Patrick Barnes.

Commonwealth Bank is expected to occupy the new premises by October 2017 with the owner of 142 Glenferrie Road fitting out the building in line with the Commonwealth Bank’s retail design strategy. The fit out is expected to take over two months to complete and will comprise of an internal and external renovation.

The site is part of one of Melbourne's busiest shopping strips and is close to other quality tenants such as Coles, ANZ, Westpac and Dan Murphy’s, added Barnes. 

Allard Shelton, Victoria’s oldest, Australian owned commercial property agents, facilitated the rental transaction after an introduction from Fitzroys director, David Bourke.