This article is from the Australian Property Journal archive
INTERNATIONALLY acclaimed photographer Ken Duncan has secured a flagship art gallery at 500 Collins St in Melbourne's CBD.
CBRE’s Max Cookes and Zelman Ainsworth negotiated the five year lease deal.
“Melbournians are well known for their love of art and we have many staunch fans here. We believe our clients are going to love this new Collins St location and we will launch the new Gallery in November with a Meet the Artists weekend,” Ken Duncan said.
Ainsworth said the new flagship Collins St gallery will add value to the already established tenancy mix on western end of Collins St.
He added that retail businesses had historically targeted the core precinct, clustering around locations such as Swanston St and Elizabeth St, with luxury brands flocking to the ‘Paris end’ of Collins St and international fashion labels zeroing in on Bourke St Mall.
“However, a shift is occurring as owners of the larger corporate office towers situated at the west end of the CBD identify opportunities to activate the retail component at the foot of their buildings,” he said.
Cookes said there were currently three major retail projects at the western end of the CBD which were to be delivered to the market within the next 12 months.
Ainsworth said the increasing level of rents achieved at this end of Collins St over the past 24 months demonstrated the strong demand from quality retailers wanting to secure a presence in this pocket of Collins St.
Property Review
