This article is from the Australian Property Journal archive
TRAVEL Money has secured a long-term lease over an 80sqm Melbourne CBD tenancy at 108 Elizabeth St that was previously occupied by women’s shoes retailer Jo Mercer.
CBRE’s Zelman Ainsworth and Tan Thach in conjunction with managing agents Allard and Shelton handled the lease.
Travel Money is owned by Flight Centre Travel Group.
Built in 1912 and 1925 respectively and bought in 1987 by Daryl and Hannah Cohen, the two adjoining buildings at 108 Elizabeth St, known as the Carnegie and Brashs buildings, have been restored by the owners’ grandsons, Justin Gutman and James Smorgon of the Smorgon Gutman Group.
This has resulted in an increased rental rate with Travel Money, as Elizabeth St continues to transition away from fashion into a service and food precinct.
“From Flinders St to Victoria Market, we are seeing that service and food tenants are now replacing fashion along Elizabeth St,” Ainsworth said.
“Fashion retailers have been pushed to Collins St, Little Collins St and Bourke St Mall, with this shift being driven by consumer activity, spending and shopping preferences, along with changes in demographic and tourism trends.”
