Bottega Veneta to add to Collins Street fashion quotient
Pembroke, the investing arm of US fund manager Fidelity, has signed up upmarket Italian fashion label Bottega Veneta as a tenant at the former KPMG office at T&G Building on Melbourne’s Collins Street.
Bottega Veneta, part of French luxury group Kering Group which owns Gucci as well, has leased a 387 sqm store in the T&G Building. It will be the Italian brand’s first first street-level store in Australia.
Gucci already has a presence there and recently expanded into a new 420 sqm. Others include MaxMara and a third luxury retail tenant, rumoured to be an Italian fashion label, The Australian Financial Review reported.
The leasing deal was negotiated by Zelman Ainsworth of CBRE.
Pembroke took over the 1930s T&G Building in a $275 million deal in 2015, hiring architects Bates & Smart to give the 12-storey tower a makeover following the departure of KPMG.
Matthew Knight, head of Australia for Pembroke Real Estate, said there was a distinct lack of space for luxury retailers at the top end of Collins Street.
"It's very tightly held so any opportunity is highly sought after by new players," he was quoted by the AFR.
The rent amount was not disclosed, but market chatter suggests it be between $3,000 and $5,000 per sqm.
"Luxury brands love to clustered together. It's better for them to have competitors around them as it brings people to the area,” he said.
Earlier this year, services firm Accenture signed a 10-year lease for two floors at the T&G Building.
