This article is from the Australian Property Journal archive
STREETWEAR retailer Culture Kings has signed a 10-year deal over a Russell Street space in Melbourne’s CBD, adjacent to its famous Paris End known for its luxury brands.
It will pay in the vicinity of $1,300 to $1,500 per sqm for the 19-25 Russell Street space, located behind the Forum Theatre and which has been empty for almost 20 years after once being home to the Melbourne Theatre Company.
Colliers International’s Cam Taranto, Jarrod Herscu and Jeremy Gruzewski negotiated the deal on behalf of Melbourne’s Marriner family, and Culture Kings were represented by Philip Reichelt of Tenant Leasing Group.
The Russell Place site sat derelict for almost two decades as the Marriner Group looked to develop a $100 million, 32-storey hotel above the iconic Forum Theatre, which it also owns. Planning approval for the hotel was granted by former Planning Minister Matthew Guy but overturned by the state planning tribunal.
“The City of Melbourne and surrounding businesses were concerned about the design, height and impact of the tower on Hosier Lane’s heritage and street art,” Gruzewski said.
The Forum has reopened after a $28 million refurbishment last year.
Taranto said Culture Kings will back onto the street art hub of Hosier Lane, which Taranto said was a key influencer in Culture Kings’ decision to relocate.
He said it had activated the western retail core of the CBD successfully as a pure destination retailer for the past 10 years, on the corner of Flinders and Queen Streets.
“Shoppers really only go there to visit Culture Kings as the precinct is dominated by office buildings and hotels,” he said. “This success has driven the brand to take on a more prominent location at the east end of the CBD, which is renowned for its luxury retail and hospitality, adding another layer to the shopping experience.”
Culture Kings will now find itself surrounded by the likes of Chanel, Masons Menswear and Bang & Olufsen, with Gucci and Louis Vuitton further up on Russell Street.
Australian Property Journal
