Swiss luxury watch retailer Omega is set to open its first Melbourne store after an extensive search for the right premises.
In a deal negotiated by Colliers International’s Ben Tremellen, Omega will set up shop at 179 Collins Street from early 2016. The luxury brand will occupy 120sqm on the ground floor plus space on Level 1.
Mr Tremellen said Omega had undertaken a four year search for the perfect Collins Street premises. Omega will take over the former premises of Bang & Olufsen when the high end electronics retailer moves to 33 Russell Street, on the corner of Flinders Lane.
“With this lease to Omega, vacancy is now reset back at zero on Collins Street,” Mr Tremellen said. “Omega has snapped up the last available space in this prime Melbourne retail strip.
“Demand is still extremely high, both on Collins Street and its surrounds, with major luxury and international brands looking to evolve their offerings in this high profile precinct."
Mr Tremellen said there had been a push to the non-traditional side of Collins Street in recent times, due to the lack of opportunities. Cartier led the way, securing 300sqm formerly occupied by Westpac at 90 Collins Street, followed by Christian Louboutin moving into 83/85 Collins Street.
“With a new development proposed for 80 Collins Street, we will see more luxury retail taking up space,” Mr Tremellen said. “Despite talk that brands are moving off Collins Street due to high rents, we are finding it is purely a lack of space that is leading to the transition that is taking place along nearby Russell Street. Collins Street is still the first choice for most brands.
“There is an evolution taking place on Russell Street driven by limited opportunities on Collins Street and the desire from brands to reevaluate store sizes.
“It was evident during Colliers International’s recent retail road show that demand is going to continue for at least the next two years whilst the market continues to grow at a double digit rates.”