Rare Brisbane short-term sublease secured in CBRE deal
A short sublease opportunity in Brisbane’s CBD has been seized by outdoor retailer Mountain Designs in the lead-up to its redevelopment next year.
Mountain Designs will open its new CBD premises at 188 Edward Street, subleased until May 2017, after a deal negotiated by CBRE’s Daniel Fenech.
The 125-square-metre shopfront is scheduled to be redeveloped next year.
Mr Fenech said the deal demonstrated the increasing level of demand from retailers keen to develop a presence in the CBD market.
“This property represented an outstanding opportunity for Mountain Designs to gain a footprint in one of the city’s most frequented shopping destinations,” he said.
CBRE’s Mitchell Stewart said the deal on such a short lease was a rare occurrence in the Brisbane market.
“Transactions in the Brisbane CBD retail sublease market are rare – and even more so in the Edward Street luxury precinct,” Mr Stewart said.
More than $11 million dollars in Brisbane City Council funding for the three-year-long upgrade of Edward Street was committed last year.
Other retailers in the central precinct include Hermes and Tag Heuer.
