This article is from the Australian Property Journal archive
ITALIAN high-end fashion and accessories label Bottega Veneta has opened its doors within Pembroke Real Estate’s T&G Building at 161 Collins Street, while US retailer Brooks Brothers has leased 495 Collins Street, taking the place of collapsed group Rhodes & Beckett.
Brooks Brothers will move into the 100 sqm space within the InterContinental Hotel building at a rent in the vicinity of $1,200 per sqm, according to industry sources.
Bottega Veneta’s 387 sqm space within the famed “Paris End” of Collins Street commands market rents between $3,000 and $5,000 per sqm, with 161 Collins Street at around $4,000 per sqm.
Pembroke is this month due to complete its refurbishment of the Neo-Renaissance building of 1928, and late last year signed luxury fashion house Versace on a decade-long deal over a 307 sqm space with Collins Street frontage for its first stand-alone site in Australia, while Gucci has expanded its presence in the building.
Meanwhile, investors continue to snap up Melbourne retail assets. An offshore Asian investor paid almost $8 million to VIC Investments Management Group for the ground floor and basement space at 137 Bourke Street at a 4.00% yield, while a local buyer bought the 300 sqm shop at 22 Duckboard Place, near Collins Street’s Paris End and leased to A Hereford Beefstouw, for $4.35 million at 4.50%.
Late last year, 118, 120 and 122 Hardware Street – including the popular Hardware Societé café – sold for a combined $4.4 million.
Australian Property Journal
