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Starbucks strikes new cafe lease in Melbourne for $1400 a square metre

April 16, 2018

Coffee chain Starbucks has opened a new outlet in the Melbourne CBD. Photo: Supplied

Coffee chain Starbucks has opened a new outlet in the Melbourne CBD after agreeing terms for a new shop lease at 168 Exhibition Street on a gross annual rent of about $1400 a square metre.

The 117 square metre property will be leased for seven years.

This is the first non-core CBD retail lease for Starbucks, Colliers International’s Jarrod Herscu and Stephanie Harding said.

Tight vacancies are forcing tenants to look outside “traditional super-high traffic locations”.

NM Insurance has relocated to A-grade office building, 99 Walker Street in North Sydney, after leasing B-grade offices in the same suburb for the past seven years.

The business has taken out a four-year lease for a 350 square metre office at level 7 from Investa at a net annual rent of $650 a square metre.

JLL’s Stephen Harrison brokered the deal.

Warriewood daydream

Pattern-making service provider Couture CAD has leased an 88 square metre office at 4306/4 Daydream Street, Warriewood in Sydney’s north for its head office.

The business will pay a gross annual rent of $295 a square metre over three years.

Hardys 1 Real Estate’s Jasmine Bilbosian acted for a private landlord.

Mascot lease

A private business has signed a five-year lease with options on a 500 square metre warehouse/office in Mascot, Sydney south with Pacific Waves Australia Pty Ltd paying a gross annual rent of $300 a square metre.

The property at 4 Bronti Street, Mascot has a clear-span warehouse, container-height roller door and 6 on-site car spaces.

Knight Frank’s Alex Sarroff negotiated a gross annual rent of $150,000.

Westside deals

Diversipak Packaging Solutions has secured a 1500 square metre warehouse lease at 339 Woodpark Road in Smithfield in Sydney’s west for five years.

Diversipak leased it at a net annual rent of $115 a square metre, backfilling the space immediately the property was vacated.

CBRE’s Elijah Shakir and John Karlovasitis closed the off-market deal for a private investor.

Aon Ari Property Trust has signed up PFM Corp for the lease of a 4557 square metre warehouse with 4570 square metre hardstand at 30 Loftus Road, Yennora also in Sydney’s west.

The five-year lease was struck at a net annual rent of $661,220.

The property has been refurbished with a new wall and roof sheeting, roller shutter doors, office and concrete floor.

CBRE’s Elijah Shakir and Jason Edge brokered the deal.

Two in one

Pro Leaders Academy and St John’s Ambulance have secured new offices in Brisbane’s Fortitude Valley after negotiating three and four-year terms respectively at 451 St Pauls Terrace.

Both leases were struck at a gross annual rent of $425 a square metre.

Pro Leaders has taken a 360 square metre newly fitted out office on the first level, while St John’s Ambulance has secured a 333 square metre speculative office.

CBRE’s Lee Berry and Michael Skaparis handled discussions.

Train into Port Melbourne

Rail technology group Nu Group Rail Solutions will move to new headquarters after signing a three-year lease with options for a 1230 square metre clear-span and high-clearance warehouse at 99 Cook Street in Port Melbourne. The growing business consolidated a warehouse and office in one location.

The private landlord agreed on a net annual rent of $200,000 through CBRE’s Jake George and Guy Naselli.

Harvey Norman lease

Retailer Relax Bedding has committed to a five-year lease of a 662 square metre retail space at the Harvey Norman Centre at 9 Gordon Road, Mandurah in Western Australia for its second WA store.

Landlord Harvey Norman agreed to a net annual rent of $129,090.

Vend Property’s Jeff Klopper closed the deal.

Strata lots

Private company EIC Global has leased at 265 Castlereagh Street in the Sydney CBD after signing a three-year deal for a 211 square metre of office space at suite 1103 and suite 1104 at level 11.

The business relocated from a nearby property to the two strata lots opposite the Downing Centre.

A gross annual rent of $129,765 was agreed with the private landlord.

Ray White’s John Skufris marketed the property.

Dandenong Two

Atomik Motorsport has leased a 1363 square metre office/warehouse at 13 Compton Way, Dandenong as its new distribution centre, agreeing to a net annual rent of $122,670 for three years with options.

Knight Frank’s Luke Crozier executed the transaction.

Transco Cargo also leased in Dandenong South securing larger premises, a 1162 square metre office/warehouse, for its growing business at 206-208 Discovery Road.

Transco agreed to a three-year lease with options on a net annual rental of $100,000.

Mr Crozier and colleague Steven Salopek managed discussions.

Institute move

William Angliss Institute has will move into creative offices 11 Bowden Street, Alexandria after securing suite 2 from a private owner for a gross annual rent of $534 a square metre.

JLL’s Jessica Male & Edward Washer and Karbon Property’s James McCourt inked the 8-year lease.

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