Melbourne, 1 May 2013 – Leading tea retailer T2 has emerged as the new occupier of the former Bettina Liano store in the Melbourne CBD.
The deal with T2 was secured just a week after the space was offered to market, however details of the new tenant have been under wraps until now.
CBRE Associate Director Max Cookes said the level of interest in the store - and the number of recent Melbourne CBD lease deals negotiated in Collins Street, Little Collins Street, Swanston Street and Bourke Street - highlighted the continued strength in the city retail market.
“We concluded the deal with T2 to establish a flagship store in the retail core, which is due to open shortly,” Mr Cookes said.
“They previously were at the Galleria building, however decided to move up the street to be between Elizabeth and Swanston Streets.”
With 38 stores nationwide, T2 is Australia’s leading tea retailer, offering the country’s largest range of premium, fragrant tea and tea wares from all around the globe.
“The Melbourne CBD retail marketplace is going from strength to strength, as highlighted by the recent lease agreements we have reached with local, national and international retailers,” Mr Cookes said.
“While there has been recent negative press in relation to the so-called high rentals on Little Collins Street, we’re finding there has been no shortage of tenants seeking any available space in what remains a highly sought after market place.”
The former Bettina Liano store is located at 269 Little Collins Street. Mr Cookes said there had been widespread interest in the space.
“We have had so much interest in the store we were able to do a deal within record time and at an increased rent to that which was being paid by the previous tenant. Little Collins Street is a hotly contested strip with a great tenancy mix including fashion brands such as Scanlan & Theodore, Jigsaw and Spencer & Rutherford who have all recently renewed their lease agreements.”
Mr Cookes said the latest CBD vacancy statistics highlighted the strength in the market, with just 2.6% of the city’s retail space (by gross lettable area) vacant as at Q4 of 2012.
“This is extremely low compared to other states around Australia, and other cities around the world,” Mr Cookes said.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website atwww.cbre.com.au.