This article is from the Australian Property Journal archive
WESTPAC will be open a new flagship branch in the heart of Melbourne’s CBD after signing a lease over 303 Collins St, on a prominent Elizabeth Street corner.
The 410sqm site is positioned close to prominent bank branches of Suncorp Bank, NAB, CBA, Citibank, ANZ, Industrial & Commercial Bank of China, and HSBC across Elizabeth Street.
Gary Loo of Knight Frank negotiated the lease, with deals in the area typically attracting around $3,200 per sqm.
Loo said that some banks are currently evaluating their banking requirements in relation to their existing branch network, with a view to relocate / upgrade where the opportunity arises from lease expiries.
“Some of these branches are seeking to embrace the new concept of minimum teller services, demonstrated by CBA’s new branch at 325 Collins Street, with requirements ranging from 150 to 250sqm,” Loo concluded.
Australian Property Journal
