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Case Study Retail Leasing: Ithaca House, 329 Elizabeth Street, Melbourne

Ithaca House HERO IMAGE

Challenge
The Colliers CBD Retail Leasing Team provided advice to the Ithacan Philanthropic Society ‘The Ulysses’ on 329 Elizabeth Street in Melbourne during its lockdown late last year and were appointed to lease the ground floor and level one. The property became vacant during the COVID-19 pandemic in Melbourne’s extended lockdown. As interest for the CBD during the lockdowns were limited and vacancy was increasing, Colliers ability to provide strategic advice and navigate the turbulent market conditions ensured preferred tenants were secured for both levels. 

Strategy
As online enquiry was limited in late 2020 and early 2021, the Colliers CBD Retail Leasing Team opted for a direct approach leasing strategy. The team utilised relationships with operators in the market who were still seeking retail space in the northern end of the CBD. Whilst the landlord was ideally looking to lease ground floor and level one to a single tenant, a more favourable commercial result was achieved in splitting the spaces. On successful leasing of the ground floor, the team focused attention on the level one space. Again, utilising a direct approach strategy to secure a deal. 

Results 
The CBD Retail Leasing Team successfully leased both floors, the ground floor to an experienced Asian grocer and relocated a nearby laser and skin clinic to level. Both deals were finalised during hard lockdowns in very challenging circumstances.  

Testimonial
“It has been a delight to work with Jennifer. She has very much understood our needs and worked with us. In particular, we have appreciated the insights that Jennifer has been able to provide in terms of evolving market conditions as well as commercial leasing trends. We were also impressed by her focus and determination to secure a tenant and keep the negotiations moving in what has been exceptionally difficult and unprecedented market conditions in the Melbourne CBD. Most importantly, Jennifer was only a phone call away and readily available to assist!”

 

Tania Soulis
Company Secretary
Ithacan Philanthropic Society


Related Experts

Jennifer Tai

Manager | Retail Leasing

Melbourne

Jennifer is a Manager in retail leasing with over 5 years of retail leasing experience. Jennifer specialises in leasing Melbourne CBD retail shops, arcades, and major retail projects. Her understanding of the retail market and current movements in the CBD allow her to seek high caliber tenants for specific properties.

As a highly articulate individual, Jennifer can work confidently in diverse cultures and situations, especially within the Asian market. Her Cantonese language capabilities allow her to communicate with Asian client’s to strategically negotiate the best transaction for the landlord.

Jennifer has worked with many of Melbourne's major Landlords and Tenants, with a large portfolio ranging from small to large format CBD retail and projects, and has an extensive track record.

 

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