Colliers International secures new 10-year lease for Priceline
April 24, 2012
The imminent arrival of Priceline Pharmacy to 128 Exhibition Street heralds the beginning of big things for the CBD’s next up-and-coming retail strip, according to Colliers International.
Ben Tremellen, Colliers International Manager, Retail Leasing, has negotiated a 10-year lease to Priceline for around 433sq m of ground floor space, due to commence in April.
Mr Tremellen said the lease, negotiated at just under $400,000 gross per annum (plus GST), set a new rental record for the strip.
"The retail scenery on Exhibition Street is, without a doubt, changing,” Mr Tremellen said.
“This move by Priceline – as well as a restructure of the tenancy mix at Southern Cross which includes Australia Post currently fitting out their new flagship premises and another new national retailer joining the building within a similar timeframe – has activated this retail strip.
“The quality of tenants moving into this pocket of the city is very high. Exhibition Street is no longer a forgotten or less desirable area of the CBD to retail tenants – it is a prime location attracting interest from high-profile national businesses.
“With the repositioning of Collins Place, the pre-commitment at 120 Collins Street by Westpac and the future development of Novo House, this is the next projected strip for rental increases.”
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