This article is from the Australian Property Journal archive
MELBOURNE's Flinders Lane is starting to resemble a fashion runway with international retailer Diesel signing a major leasing deal.
Fitzroys’ Michael Rainey and Steve Brookes have secured Diesel to 288 Flinders Lane, on a five-year plus five-year term at $165,000 per annum net. The 133 sqm approx site features a six metre glass frontage and was most recently home to the second Polyester Records store.
This will be Diesel’s second store in Melbourne, after Fitzroys also negotiated its move into 501-503 Chapel St South Yarra earlier this year.
Rainey said the deal follows key Fitzroys leases nearby at 123 and 135 Swanston St, to fashion labels Downtown Revolution and Gorman respectively.
He added that fashion and accessories retailers in the area were quickly coming into vogue in place of food outlets, further demonstrated by the entry of footwear brands Platypus, Hype DC and The Ugg Shop also on Swanston St nearby.
“The CBD retail renaissance has continued to spread throughout the core precinct after the introduction of Emporium and H&M to its retail offering.
“We had strong enquiry from a mix of international, national and local fashion and accessories brands in the Flinders Lane site, which presented a rare opportunity for a retailer to make their mark in a tightly held and popular part of the CBD, close to the edgy laneway hubs of Degraves St and Centre Place.” Rainey concluded.
Property Review
