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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’ 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. 

 

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 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. 

Results 

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.  

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 Agency

Melbourne CBD

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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