Bauer Media is set to relocate from Docklands to the ground floor at Property Bank’s Building 8, 658 Church Street in a deal negotiated by Colliers International’s Damien Adkins and Michael Darvell.
Bauer Media will join digital marketing group DDB, which occupies Levels 1 and 2.
Mr Adkins said Bauer Media was drawn to Richmond for its creative environment and strong amenity for staff. The deal was negotiated at a rental rate in the vicinity of $365-$380/sqm on a five-year term.
“This precinct in particular around 658 Church Street offers a fantastic, creative atmosphere and a vast array of retail and public transport amenity for the benefit of attracting and retaining staff,” Mr Adkins said. “In particular, the Gen Y factor was a significant drawcard – the lure of being based locally to attract the best staff was a strong determining factor in the decision to relocate.
“The fashionable location, well serviced by transport and corner cafes, was ideal for Bauer Media’s needs.
“We’ve seen strong enquiry for Richmond office space in the first quarter of the year as tenants look outside the Melbourne CBD and off St Kilda Road. With limited opportunities in this popular precinct, we are starting to see incentives scale back."
Colliers International has also been appointed to lease a further 3000sqm in the northern building at 658 Church Street. Colliers International also manages the property, and Bauer Media was represented in this transaction by Colliers International’s Tenant Advisory team.