Perth, 04 August 2015 – West Leederville is emerging as one of Perth’s foremost commercial precincts, with a series of renowned businesses including global beauty brand Estee Lauder and leading local interior design firm Express Interior Design, recently leasing space in the area.
Both businesses have committed to space at 278 Railway Parade, a modern commercial building with unique architectural design. The property provides a prime corner location with prominent exposure and signage, direct proximity to West Leederville’s transportation hub, and easy access to North and South Freeways and Graham Farmer Tunnel.
Daniel Johnston of CBRE negotiated both agreements on behalf of developer Kiama Holdings Pty Ltd. Estee Lauder committed to 378sqm space on a seven-year term to accommodate its Perth corporate office, whilst Express Interior Design has leased a 99sqm space on a five-year term to accommodate its growing Perth operations. The spaces had an average initial rent of $400/sqm.
Mr Johnston said the combination of building quality and central location were key appealing factors to both tenants.
“The blank canvas offered in both spaces allowed the tenants to complete fit outs which suited their business requirements and image. Both tenants took advantage of current market incentives to offset their fit out costs.”
Kiama Holdings Director Richard Patterson commented that it was pleasing to realise the initial goal of a high quality investment building of architectural significance, to take advantage of a challenging small lot in a prime location.
“Our builders Focus Building Company and architects Hames Sharley have done a great job in bringing this vision to life. Even in the most difficult leasing market I can remember this building has attracted quality tenants and still achieved leasing budgets set in more buoyant times.”
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About CBRE Group, Inc.
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 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 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 at www.cbre.com.