The Colliers CBD Retail Leasing Team provided advice to the Ithacan Philanthropic Society ‘The Ulysses’ at 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 and during one of Melbourne’s hard lockdown. As interest for the CBD during the lockdowns were limited and vacancy was increasing, Colliers ability to provide realistic advice to the landlord and experience in leasing in a turbulent market ensured the successful leasing of the both levels.
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 directly approached known 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, most interest was for the ground floor only. We then focused on achieving the best deal for the ground floor ensuring the landlord’s preferences were taken into consideration. On successful leasing of the ground floor, the team turned our attention to the level one space. Again, utilising a direct approach strategy to lease out the level one space.
The CBD Retail Leasing Team successfully leased the ground floor and level one to an experienced Asian grocer and relocated a nearby laser and skin clinic respectively. Both deals had lease negotiations occurring during hard lockdowns, however the team were able to manage the tenant to ensure the deals did not fall over.
“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!”
Ithacan Philanthropic Society