Collins Street Prestige Pulls Retailers
Retailers are looking beyond the COVID period and taking up prized Collins Street spaces in anticipation of the reopening of Melbourne’s famed CBD.
Fitzroys Associate Director, James Lockwood has leased 243 Collins Street to jewellers Artelia, which is making the addition to its Westfield Fountain Gate shopping centre site - some 50km away - with a site in the CBD, and on a long 7+5-year term.
“Whilst the CBD is currently difficult, businesses are looking to next year,” Lockwood said.
“Retailers are taking the opportunity to secure a quality Collins Street address in preparation for 2022 as the city reopens.
“History shows that when things pick up, getting these spaces is extremely difficult.”
The 95sqm space is on the corner of Manchester Lane, home to a number of edgy fashion outlets and which provides a direct link to the historic rag trade precinct of Flinders Lane.
“As our brand has developed, we have been looking for opportunities to reimagine European-style interior design,” says Maria Ulas, who runs the Artelia business with husband Roberto.
“That would require having our own shopfront, and where better than Collins Street?”
Artelia’s fit-out will see customers served over a marble bar, with a lounge area serving champagne crowned by a marble fireplace being imported from Italy – all under 8 chandeliers.
Major lender NAB is optimising its branch presence on Collins Street, opening a new- format space within the Cbus Property’s $1.25 billion Collins Arch project at 447 Collins Street. Fitzroys leases the retail component of Collins Arch along with Cushman & Wakefield.
Following NAB’s relocation, Fitzroys is currently marketing an amazing Art Deco space over 2 levels at 460 Collins Street, at the corner of William Street. The ultra-rare offering comprises a high-clearance 413sqm ground level space together with a 126sqm basement level. The space retains the heritage features from the original 1930s bank chamber.
In the city’s Paris end, Fitzroys recently leased 15 Collins Street to Austria-based Wolford. The brand has been long-established in Australia and fitted-out the 80sqm shop to showcase the just-released 2021 international store format.
Sydney Buyer Swoops on Legal Precinct Building
Also in the Melbourne CBD, the Lensworth House mixed-use building in the legal precinct has sold to a Sydney-based investor for around $10 million.
The 4-level, 1,019sqm building at 174-176 Queen Street has restaurant Nirankar occupying the ground floor, while the offices above are vacant.
The vendors were the Newman family, behind cabaret venues Tikki & John’s Music Hall and Dracula’s. They bought the property in 2000 for $2.95 million.
The new owner plans to refurbish and lease out the building.
Disclosure: The weekly Fitzroys Property Wrap is for information only on transactions in the Melbourne property market. Fitzroys provides this information as a public service. We are not purporting that all sales and leases within this report were transacted by Fitzroys. Terms/Privacy © Copyright 2021 Fitzroys.