This article is from the Australian Property Journal archive
HEALTH insurer Bupa Australia has secured a prime retail spot at 247 Collins St in Melbourne’s CBD.
Located at 247 Collins St, the 275 sqm tenancy is one of the most sought after retail locations, within the Paris end of the CBD.
Bupa is believed to have agreed on a rental equating to more than $800,000 per annum on an eight-year term.
The deal was handled by Savills’ Victorian retail director Michael Di Carlo, Jeremy Marmur and Jock Thomson in conjunction with Vantage director Matt Spring on behalf of Singaporean builder and construction company Lian Beng, which purchased the property in June for $24.95 million.
Di Carlo said Bupa would relocate from its current home in The Block Arcade at 292 Collins St.
“It goes without saying that Collins St space is very highly regarded and does not last long on the open market, indeed the lease was brokered off-market to a blue chip tenant, prior to the new landlord having completed settlement,” Di Carlo said.
Di Carlo and Spring said Savills and Vantage had advised the new owner of potential occupiers prior to purchase and worked on a strategy for Bupa’s relocation.
“The strong leasing result so soon after settlement showed the benefit of off-shore owners working with local agents.
“Our ability to be able to work closely with Savills directly in this process has ensured the best outcome for our client,” Spring said.
Australian Property Journal
