This article is from the Australian Property Journal archive
WESTPAC has signed a five-year lease renewal over an older-style two-storey corner building on busy Smith Street in Melbourne’s inner-north.
The 215 Smith Street building, on the corner of Condell Street, is on the Fitzroy side of the road and 336 sqm on the ground floor, a 60 sqm first floor with office and amenities and off-street parking for up to 11 cars.
Teska Carson’s Barry Novy negotiated the deal at around $140,000 to $150,000 per annum net on behalf of a Melbourne-based private investor.
Novy said the new lease reflected Smith Street’s recent transformation, including a number of new developments, which had enhanced and underpinned the strength of one of inner Melbourne’s most popular retail strips, and put it firmly back on the map of the most desired retail and dining destinations in this part of inner Melbourne.
Charter Keck Cramer’s Shane Close provided valuation support.
Australian Property Journal
