Rare Collins Street retail strip offered for lease

A rare piece of retail strip on Melbourne's prominent Collins Street is returning to the market.

The retail pocket, at 150 Collins Street, sits within a much larger development due to be completed in August 2014 and will be home to Westpac's new head office.

Gorcon and APN Property Group are developing the project, estimated to have an end value of $180 million.

Artists impression of the 150 Collins Street development

As part of the development, about 650 square metres of retail space, fronting Little Collins Street, will be offered for lease to retailers.

A new state-of-the-art Westpac branch, located on the corner of Russell and Little Collins Street, will anchor the retail offering. The branch will be taking about 330 square metres of the total retail component - roughly 1000 square metres.

A further seven retail tenancies are being offered for lease by Michael Rainey from Fitzroys. The largest tenancy offering has direct access to the main office foyer at Ground Level, and has the ability to be expanded into a mezzanine tenancy. All other tenancies front Little Collins Street, with a number of them with heritage listed art deco frontages. Areas range from 29 square metres to 143 square metres.

Retail rents are $1,000 per square metre to $2,750 square metres plus for the small shops.