Versace to open first standalone store in Collins Street’s T&G building

Versace to open first standalone store in Collins Street’s T&G building
Versace to open first standalone store in Collins Street’s T&G building

Famous Italian fashion designer Versace will soon open its first stand-alone store in Australia, having signed a lease for a store in the revamped T&G building in Melbourne’s Collins Street.

Versace signed a 10-year lease for a 307 sqm company-owned store with prime Collins Street frontage in the former banking chamber.

Italian brands such as Gucci store and Bottega Veneta already trade in the building.

The only other Versace store in Australia is in Westfield Sydney on Pitt Street Mall.

Pembroke, the investment arm of Boston fund manager Fidelity, bought the iconic T&G Building in a $275 million deal in 2015. It has since upgraded the ground-floor shops and the office floors above.

Rents in the new T&G retail arcade streets are understood to have been struck at about $4000 per sqm.

Collins Street is a favourite with luxury brands such as Louis Vuitton, Dolce & Gabbana and Armani.

Matthew Knight, head of Australia for Pembroke Real Estate, was quoted by the AFR as saying that the three luxury tenancies would make a "real statement" at the T&G building's Collins Street entrance and went "hand in glove with other tenants in the area".

He said he did not expect the arrival of Amazon in Australia to have much impact on the luxury retail sector.

"I think people who shop for luxury go for the experience and to get looked after. You don't get that personal touch and attention from shopping on Amazon. I think it will be more the middle-tier retailers that will be impacted," he said.

The Versace, Gucci and Bottega Veneta deals were through leasing agent Zelman Ainsworth of CBRE. Another luxury retailer, Max Mara, is also part of the retail mix.

 

 

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