Retail Lease

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Three tenants have signed new long term leases totalling more than $1 million in rents on nearly 2000 square metres of showroom space in Church Street, Richmond.
The deals, which have exhausted vacancy on the strip, were struck at undisclosed rents and include furniture stores, Plush and BoConcept, and rugs dealer, Jenny Jones.
Teska Carson’s Jack Kelliher, who brokered the deals with Michael Taylor, Michael Ludski and Fergus Evans, said demand was always strong on Church Street.
"This is a market which seemingly operates in a virtual economic vacuum unaffected it would seem by the headwinds impacting the retail market generally. That is not to say that these business are necessarily making as handsome a profit as they might have done in better times but that they are acutely aware of the value of location in an extremely competitive market,’’ Mr Kelliher said.
Mr Kelliher said the fact that the three quality tenants agreed to strong per square metre rents for the strip, and at incentives well under the 15 per cent average, underlined the strength of demand and the lack of stock. Average rents on the strip are generally over $550 a square metre.
``Church Street is always strong in the showroom market, in fact it is arguably Melbourne’s best inner-city showroom strip and that is exemplified by the fact that there is absolutely nothing available at the moment and plenty of enquiry for any opportunity that comes to market,’’ Mr Kelliher said.
The leases include:
1. Plush - 658 Church Street (pictured in title) - 902 square metres 2. Jenny Jones - 620 Church Street (pictured below) - 560 square metres 3. BoConcept - 527-531 Church Street - 472 square metres
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Mr Taylor said the availability of parking, wide street frontages, and exposure to a very popular furniture precinct had been significant considerations for all tenants.
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Latest three leases leave Church Street strip completely occupied

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A new modern Asian cuisine venture is set to open on an iconic Carlton strip.
Chris James of Fitzroys negotiated the lease at 263 Lygon Street in Carlton on behalf of a private owner.
The five-year lease with further options was struck at $83,000 per annum plus outgoings and GST, and the new venture will host diners from the 95 sqm ground floor of the building.
James said the long-term lease in the prime section of the strip reflects the operators’ confidence in the transformation of Lygon Street.
His Fitzroys colleague Terence Yeh have also been marketing 259-261 Lygon Street next door, which is under offer.
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Iconic Lygon Street, Carlton retail strip sees premises leased

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Splat 3D POD has taken up a five-year + five-year lease in the Sunshine Coast suburb of Noosa Heads<a id="LPlnk897582" href="http://ecomms.raywhite.com/collect/click.aspx?u=jRYOrR8N39QzG/Nyy8oj1MsQ8lDBqOLe+gWUrddmiCFEoTVfSuCLXq+FkE4p1rusvbe7meTHQf0FT1KP5siqkgrADDhtEW40nae/dN1G/Q0uHEcFfV9l6+KWaZbekrZTV6lrXlggv0QHJc8GI9iSS7jNN9mpBQvF&amp;rh=ff004ec42fd9006ed962126ac34abf3b92fd8870" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">.</a>   The property at <a id="LPlnk897582" href="http://ecomms.raywhite.com/collect/click.aspx?u=jRYOrR8N39QzG/Nyy8oj1MsQ8lDBqOLe+gWUrddmiCFEoTVfSuCLXq+FkE4p1rusvbe7meTHQf0FT1KP5siqkgrADDhtEW40nae/dN1G/Q0uHEcFfV9l6+KWaZbekrZTV6lrXlggv0QHJc8GI9iSS7jNN9mpBQvF&amp;rh=ff004ec42fd9006ed962126ac34abf3b92fd8870" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">Shop 8B, 14 Sunshine Beach Road </a>that came with a 54 sqm building size and high clearance ceilings, had a lease price of $28,000 + outgoings + GST.   It was marketed and leased by Ray White Commercial Noosa and Sunshine Coast North Commercial Property Consultant David Brinkley. “With its central location at the heart of Noosa Junction (Arcadia Walk), it offered tenants great customer exposure and had plenty of accessible parking nearby,” Mr Brinkley said.   “Another appeal to the Splat 3D POD tenants was the monthly twilight food, shopping and entertainment markets that are held every third Friday of the month in Arcadia Walk, bringing a flock of potential customers straight to the shop’s doorstep."
Splat 3D Pod’s Doug Webb said the concept welcomed people to the world of 3D, and that in fact, POD was an acronym for (3D) ‘Print On Demand.’   “There's not just 3D printing, but also 3D modelling, video gamer facilities and virtual reality (VR) for architectural clients, and experiences for everyone,” Mr Webb said. 
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3D print company Splat 3D POD taking up Noosa Heads lease

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The financial advisory and restructuring firm Ferrier Hodgson have been appointed voluntary administrators of the parent company of the SumoSalad Group. “The administrators now control the group’s operations and are assessing the group’s financial position,” Kelly advised SumoSalad’s creditors.
Morgan Kelly and Peter Golhard were appointed voluntary administrators of the Sumo Group HQ on July 18 pursuant to Section 436A of the Corporations Act 2001, Ross Greenwood's 2GB Money News reported.
The administrators indicated "the group's operations are continuing to trade the business in the ordinary course."
The company’s first meeting of creditors will be July 30. 
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A second meeting of creditors will be held on or before August 22 unless the court extends the date.
It is business as usual for the shop outlets, just the HQ which is needing a recapitalisation.
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Last June SumoSalad put two of its companies into administration in order to force its retail landlords to negotiate over lease payments. Last July the fast-food franchisee had reportedly managed to negotiate lower rents from reluctant landlord Westfield through its tactic of insolvency laws.
Its founder Luke Baylis put two of its companies, Sumo Westfield Leasing Pty Ltd and Sumo Leasing Pty Ltd, which held leases of about 23 SumoSalad outlets, into administration last June saying it would not have an impact on the rest of the network's 104 stores still continuing with business as usual.
This week Baylis told Inside Retail that while the operations of the business would be in the hands of the administrators, he expected the Sumo fresh food stores to continue trading as normal while the business is restructured – a process that is likely to take between 35 and 60 days.
There are more than two companies in administration this time:
Sumo Group Australia Pty Limited (ACN 107852335)
Sumo IP Holdings Pty Ltd (ACN 147743084)
Sumo Salad (Frenchising) Ply Limited (ACN 110 387 061)
Sumo Marketing Fund Pty Ltd (ACN 1,6920202)
SumoSalad Store Development Pty Ltd (ACN 106886800)
Sumo Salad Group Services Ply Ltd (ACN 142590707)
SumoSalad (Corporate Stores) Ply Limited (ACN 106886793)
Sumo Salad Leasing 2 Pty Limited (ACN 148842433)
Sumo Salad Consolidated Leasing Ply Limited (ACN 6,6940571)
SumoSalad International Frenchising Pty Ltd (ACN 1,4325629)
SumoSalad Singapore Frenchising Ply Ltd (ACN 153971781)
SumoSalad NZ Franchising Pty Ltd (ACN 102550694)
Sab Closed I Pty Ltd (ACN 142790001)
Property Observer gathers Ferrier Hodgson were initially contacted by Luke Baylis in late June to consider the appointment as voluntary administrators to the group. Morgan Kelly and Phil Quinlan attended a meeting with Luke Baylis and Glenn Toohey, CFO of the group, on July 3.
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Administrators back at SumoSalad HQ

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Versace has opened a Melbourne flagship boutique. The store is Versace's third in Australia.
The flagship boutique is located at 161 Collins Street in Melbourne.
Previous occupants of the space include Ermenegildo Zegna.
The boutique (pictured below) occupies an area of 307 sqm within the T&amp;G building, "blending traditional architectural values of Italy with the dynamism and energy of Versace" today. 
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Located in the prestigious Collins Street luxury precinct, the T&amp;G building's historical features continue inside with the retained Mervyn Napier Waller mural (pictured below) commissioned by the Temperance &amp; General Life Assurance Society in 1928 in what was originally the entrance to the T&amp;G Building. 
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“I am very proud to be opening a new Versace flagship in such an iconic building within the city of Melbourne.
The T&amp;G building on Collins street is a balanced mix of heritage and modern elements, a perfect representation of what Versace stands for today,” Donatella Versace said.
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Versace has opened its Melbourne flagship boutique on Collins Street

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The 344-346 Sydney Road, Coburg (pictured below) premises have been leased to Permit Point Building Consultants for use as an administration office.
The 380 square metre building was leased on a 5 + 5-year lease term returning $55,000 per annum equating to $145 per square metre.
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Craig McKellar of CVA has also just leased retail premises located at 3 Everage Street, Moonee Ponds.
It was leased for $28,800 per annum to a construction company for office administration purposes equating to a building rate of $288 for the 100 square metre premises.
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Sydney Road, Coburg space leased by consultants 

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Luxury brand Hermes is set to take the lease at Sydney's Trust Building.
The building at 155-159 King Street is on the corner of Castlereagh Street.
Dior's flagship store sits across the road, as do the Chanel and Bulgari stores.
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The Australian Financial Review writes Hermes has pipped another luxury brand, Valentino, for the multiple-floor space
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The potential deal would see Hermes expand its retail footprint beyond its current single-floor space a block away at the corner of Castlereagh and Pitt streets.
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<div class="cq-article-content-media section">Another diagonal corner is occupied by the MLC Centre escalators which are set to be replaced with retail space.</div>
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Hermes eyes Trust Building move

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Famous Italian fashion designer Versace will soon open its first stand-alone store in Australia, having signed a lease for a store in the revamped T&amp;G building in Melbourne’s Collins Street.
Versace signed a 10-year lease for a 307 sqm company-owned store with prime Collins Street frontage in the former banking chamber.
Italian brands such as Gucci store and Bottega Veneta already trade in the building.
The only other Versace store in Australia is in Westfield Sydney on Pitt Street Mall.
Pembroke, the investment arm of Boston fund manager Fidelity, bought the iconic T&amp;G Building in a $275 million deal in 2015. It has since upgraded the ground-floor shops and the office floors above.
Rents in the new T&amp;G retail arcade streets are understood to have been struck at about $4000 per sqm.
Collins Street is a favourite with luxury brands such as Louis Vuitton, Dolce &amp; Gabbana and Armani.
Matthew Knight, head of Australia for Pembroke Real Estate, was quoted by the AFR as saying that the three luxury tenancies would make a "real statement" at the T&amp;G building's Collins Street entrance and went "hand in glove with other tenants in the area".
He said he did not expect the arrival of Amazon in Australia to have much impact on the luxury retail sector.
"I think people who shop for luxury go for the experience and to get looked after. You don't get that personal touch and attention from shopping on Amazon. I think it will be more the middle-tier retailers that will be impacted," he said.
The Versace, Gucci and Bottega Veneta deals were through leasing agent Zelman Ainsworth of CBRE. Another luxury retailer, Max Mara, is also part of the retail mix.
 
 
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Versace to open first standalone store in Collins Street’s T&G building 

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Two fashion and accessories tenants have signed up for new spaces within the popular Puckle Street retail strip in the inner Melbourne suburb of Moonee Ponds. 
Casual wear label Sportscraft has leased at 63 Puckle Street, while 66 Puckle Street has been taken up by fashion accessories and handbags retailer Colette by Colette Hayman. 
Sportscraft signed a three-year deal with further extension of three more years at $95,000 per annum net with 4% increases for the 200 sqm space, which was offered for the first time in four decades.
Colette by Colette Hayman will move into the 150 sqm shop on a five-year lease with a further five-year option and pay $80,000 per annum with 4% increases. 
The lease was negotiated by Fitzroys agent Terence Yeh.
He said the strong results and long leases demonstrate tenants’ confidence in the area. 
“Puckle Street’s limited amount of spaces available - totalling around 150 shops - offers businesses greater access to the local catchment population, further underpinned by the number of residential dwellings introduced to the area in medium and high-density developments.” 
There are more than 1,500 apartments within the Moonee Ponds Activity Centre in various stages of planning and development, generating confidence among businesses for the retail strip’s long-term viability. 
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Clothes and fashion retailers sign leases in Moonee Ponds retail strip 

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US doughnut giant Krispy Kreme's securing an outlet at Bulleen Plaza is part of a trend where fast food retailers are looking to expand across Melbourne. 
Earlier this year, the doughnut retailer moved into a site previously occupied by Hungry Jacks, signing a 10-year lease over the 280 sqm property.  
It has more than 19 outlets nationally.
In NSW, Krispy Creme's outlets are at Auburn, Central Station (Sydney CBD), Liverpool - Factory Shop, Mascot -Factory Shop, Penrith and two shops at Sydney’s airport.
In Queensland, Krispy Kreme has its stores at Brisbane Qantas Domestic Terminal, Myer Centre (CBD), Pacific Fair and Shell Nudgee.
In Victoria, they are at Collins St (CBD), Fountain Gate - Factory Shop, Melbourne T1 Qantas, Melbourne T3 Virgin, Melbourne T4 and Swanston Street in the CBD.
In Western Australia, it’s at Myaree, Whitford City Centre - Factory Shop
In South Australia, it is run as a separate business.
<img src="https://www.urban.com.au/images/2017/10/20/KrispyKreme.png" alt="">
The lease for Bulleen Plaza was negotiated by CBRE’s Chris Parry and Tom Perkins.
Located in Melbourne’s north-eastern suburbs, Bulleen Plaza is a neighbourhood shopping centre anchored by a Coles supermarket and more than 60 retail stores. 
<div>Hungry Jacks relocated to a new space in a joint venture with Shell Petroleum.  </div>
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<div>“The transaction highlights the strong interest from fast food retailers looking to expand into the Melbourne metropolitan market, particularly in areas which are seeing high levels of customer footfall such as the north-east,” said Parry. </div>
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