Larry Schlesinger | 6 February 2012

Commercial leasing: Watch this space

Commercial leasing: Watch this space

The estimated net annual rent per square metre that property group CBRE (Global Corporate Services) will pay to lease 600 square metres in the historic office building at 395 Collins Street in the Melbourne CBD formerly known as Goode House and built in 1892.  The five-year lease covering the sixth floor of the 19th-century gothic-style building ,which was negotiated by Josh Langdon, Colliers International associate director of office leasing, following a major refurbishment of the building. The lessor was Lee Thai Enterprises.



The amount of prime retail space that Cotton on Group will lease at 112 Elizabeth Street in the Melbourne CBD. The clothing chain will pay about $3,000 per square metre as part of a seven-year deal negotiated by Ben Tremellen, Colliers International manager for retail. Tremellen says the store will be the fashion brand’s third along the retail strip.



The estimated annual gross rent per square metre that Kaffeine Brothers Pty Ltd will pay to lease a 198-square-metre store in Thornbury in Melbourne’s north. The retail space at 848 High Street is a heritage-listed former bank site, which will be converted into a new café/restaurant. The deal was negotiated by Wade Short and Tristan Russell of Ray White Commercial Preston. Kaffeine Brothers has taken out a five-year lease on the space, with two five-year renewal options.



The amount of space that Melbourne bookstore Reader’s Feast will lease in the iconic Georges on Collins Street building at 162 Collins Street in the Melbourne CBD. The deal, which will bring the bookstore back to the Melbourne CBD after a 20-year hiatus, was negotiated by Ben Tremellen, Colliers International manager for retail. Tremellen negotiated a long-term secure lease with matching options, with a rent in excess of $500 per square metres. “The Georges building is one of the most iconic buildings along the famous Collins Street strip and to lease the final available space will now breathe new life into this historic building,” says Tremellen.



The amount of concession space at Los Angeles airport, LAX, that Westfield has been awarded rights to develop, lease and manage.  The 17-year agreement was negotiated with the Los Angeles Board of Airport Commissioners. The forecast minimum revenue to Los Angeles World Airports (LAWA) is US$331.1 million over the full term, which comprises a two-year development period and a 15-year operational period. LAX is the sixth-busiest airport in the world. Westfield currently has similar operations at nine other US airports, including New York/John F. Kennedy International, Boston/Logan International, Ronald Reagan/Washington National, Washington/Dulles International, and George Bush Intercontinental/Houston.



The estimated gross annual rent that national fitness group Jetts will pay to lease new gym premises at 188-204 Cumberland Road, Pascoe Vale. The new Jetts 24-hour fitness centre franchise will occupy 350 square metres of retail space in a 10-year lease (with a 10-year renewal option) in a deal negotiated by Wade Short of Ray White Commercial Preston. Jetts has more than 100 centres nationwide and more than 20 in Victoria.