Leading Australian retailers Anaconda, Barbeques Galore and Sydney Tools have secured tenancies at a new large format retail development in Epping.
CBRE’s Ryan Arrowsmith negotiated the three transactions at 330 Cooper Street on behalf of the owner.
The lease to Anaconda entails circa 2,250sqm of space, with the retailer committing to a 10-year lease at $495,000 per annum gross. Meanwhile, Barbeques Galore has snared 1000sqm of space at the development for a 10-year lease term, with an additional five-year option to extend. The transaction was struck at a rental rate of $244,362 per annum.
Sydney Tools has secured 1,500sqm, taking a seven-year lease term plus five five-year options to extend for $285,000 per annum.
Mr Arrowsmith said: “Epping is a thriving precinct, with access to a large local customer pool and high exposure to over 50,000 vehicles daily. As a result, retailers and business operators are quick to snap up space and 330 Cooper Street presented a key opportunity for businesses to capitalise on this fast-growing northern corridor of Melbourne.”
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.