“We are very excited to bring another of the world’s premium brands to Brisbane."
Ermenegildo Zegna to open Brisbane store as luxury brands head to Edward Street
Italian luxury fashion house Ermenegildo Zegna Group is joining the prestige leasing uptake on Brisbane's Edward Street.
Known for specialising in men’s clothing, the 380-square-metre store will be split over two levels on its early 2013 opening.
The store owned by Aria Property Group was leased in a deal through CBRE agent Michael Hanscomb, who introduced the two parties.
Zegna has signed an eight-year lease for the store, which will include a 12-metre high façade onto Edward Street.
“We are very excited to bring another of the world’s premium brands to Brisbane,” says Aria Property Group general manager Michael Zaicek, as reported in the Australian Financial Review.
The Brisbane store will be the third Australian store for Zegna, with a two-story flagship store in Sydney’s Westfield shopping complex on Castlereagh Street and a boutique located on the Paris end of Collins Street in Melbourne.
The high-end retail strip Edward Street plays host to an array of luxury brands, and according to research by Cushman & Wakefield, Edward Street rental levels are sitting at approximately $4,500 per square metre for super-prime level.
The new Zegna store will be located at 155 Edward Street and will be within metres of luxury stores Hermes, Montblanc and Hugo Boss.
“When the luxury brands start to cluster, it really brings momentum to the area,” says Zaicek.
Zegna has more than 560 stores in 87 countries.
Fashion label Montblanc was the most recent luxury brand to take space at the Paris-inspired Edward Street locality, having signed an eight-year lease in the Aria building.
Montblanc was previously located in Queens Plaza on Brisbane’s Queen Street Mall, but has now relocated next door to French fashion house Hermes at 171 Edward Street.
Famous for its luxury writing instruments, watches, jewelry, leathers goods, fragrance and eyewear, Montblanc is feeling comfortably at home in the competitive Edward Street.
“The Brisbane boutique is the newest up-to-date international Montblanc concept boutique, which promises to take customers on a luxurious journey, allowing them to become immersed in the heart and soul of the Montblanc brand,” says managing director Leon Mervis.
Montblanc received an extensive fit-out of the 127-square-metre Edward street location, which is nearly double the size of its previous boutique in Queens Plaza.
According to research by Cushman & Wakefield, Edward Street rental levels are sitting at approximately $4,500 per square metre for super-prime level. This pricing is on par with Bourke Street in Melbourne.
The luxury Edward Street does not compare with that of Pitt Street Mall in Sydney, though, where retailers are paying $9,910 per square metre.
Montblanc currently has four luxury boutiques in Australia, two in Sydney, one in Melbourne and one in Brisbane.
Terry Lay, Colliers International retail leasing manager, negotiated the Montblanc deal for the ARIA Property Group.
“Being in such high demand it is not often that space becomes available for lease on the street, so Montblanc was lucky to secure this spot,” says Lay.
Lay says big-name brands have come to realise tenancies closer to Elizabeth Street offered more desirable foot traffic.
“Montblanc saw the benefit of being positioned amongst all the luxury brands such as Hermes and Gucci on the Edward Street strip,” says Lay.
Edward Street also plays host to Gucci, Georg Jenson and Watches of Switzerland.
Lay explains that retailers from the Gold Coast are choosing to relocate to the Brisbane CBD, as it is seen as an untapped market.