This article is from the Australian Property Journal archive
WESFARMERS will open a new Officeworks store on the ground floor of 461 Bourke St after signing a five-year lease at an indicative rent of $700 per sqm.
The leasing deal was negotiated by Kliger Wood Real Estate agent Russell Meerkin on behalf of the private investors who own the 19-storey office building with street level retail space.
Meerkin said the space was previously let as two tenancies – as a restaurant and bar and a hairdressing salon but has been vacant for some time.
Officeworks has leased 650 sqm of space for five years with a five-year option. Annual rental increases are set at 3.5%.
Meerkin said the rental figure is confidential however the lease has been negotiated at an indicative level in the region of $700 per sqm.
“I believe this is one of the most important commercial leasings in the Melbourne CBD for some time. It further supports the belief that while retail in the CBD may be down there is always a strong case for the right tenant in the right building.
“Officeworks already operates a number of CBD stationery outlets but this store location will place them very centrally amongst the important insurance, legal and business precinct,” he added.
Meerkin said that the building owners have commenced a short term building refurbishment project to consolidate the space from the previous two occupancies to create a ready to occupy space for Officeworks own retail fit out.
Property Review
