This article is from the Australian Property Journal archive
A BOUTIQUE office building at Collins St in the Melbourne CBD has put up the "no vacancy" sign, following significant refurbishments.
Colliers International’s office leasing executive Adam Davy has leased the remaining floor at 278 Collins St after the landlord undertook significant refurbishments to appeal to increasingly savvy tenants.
Davy said the boutique building at the heart of Collins St was leased quickly once the refurbishments were completed.
“The landlord took our advice before beginning the hunt for tenants, and undertook refurbishments in order to present the space in the best light. This is something we are increasingly talking to landlords about in order to help them secure tenants in the current market.
“Tenants are more educated than ever about the state of the market and the options available to them, about the terms on offer across various properties, so it’s important for landlords to present their space to them in the best light,” he added.
The latest lease for the whole of Level 2 (332 sqm) at 278 Collins St came after Davy negotiated similar leases for Levels 7 and 8 in the same building recently. He added that rents in the building were being recorded between $350 to $370 per sqm gross.
“Undertaking a refurbishment won’t necessarily command a higher rent for your building, but it will assist in generating more tenant interest and securing tenants sooner,” Davy said.
Property Review
