06/09/2019 Boutique tenants drive heritage office renaissance in Melbourne

News Partners Boutique Tenants Drive Heritage Office Renaissance In Melbourne

Boutique tenants drive heritage office renaissance in

Melbourne

SIMON JOHANSON | SEP 4, 2019

Above the bustling street-level shops in many of Melbourne’s heritage

buildings sit dilapidated and empty offices.

After sitting idle for years, they are now finally getting the care they deserve as
rents rise and demand picks up for paired-back, boutique workplaces.

The Brashs building at 108 Elizabeth Street is the latest to get a revamp. A two-
year renovation has transformed it into 1520 square metres of whole or
individual offices across five floors up for rent through Colliers International and
Allard Shelton.

“It wasn’t as feasible for building owners to do this for a long time, but there has
been so much growth in the number of businesses who are looking for office
space with a difference that it is now an attractive option,” Colliers’ Adam Davy
said.
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06/09/2019 Boutique tenants drive heritage office renaissance in Melbourne

“Demand for high-quality creative space has dramatically increased in recent

years, leading to a rise in achievable rentals and that has spurred a wave of
redevelopment of older heritage buildings,” he said.

The Brashs building was constructed in 1925 on the site of Marcus Brash’s first
music shop which he established in 1862. It was the flagship store of the Brashs
brand, synonymous with music and instrument sales before it collapsed in
1998.

Now owned by Daryl and Hannah Cohen, the building has been linked with its
neighbour at 104 Elizabeth, allowing both to share lifts and other services.

Mr Davy said rents for freshly refurbished space are running at about $750 a
square metre gross and landlords could potentially gain a 70 per cent uplift by
renovating.

He recently leased two older spaces at 325 Flinders Lane, with large windows,
high ceilings and polished timber floors.

Interior design and fit-out business Valmont has leased 228 square metres on
level two at $720 a square metre for five years. Boutique fitness company
Maddox Fit has secured 360 square metres on the ground level, paying $680 a
square metre.

A colleague, Milly Stockdale, also recently leased a 414-square-metre space on

level 6 at 18 Oliver Lane to Creativemass at $690 a square metre.

Across the road, the Li family who own 107 Elizabeth, a building listed as
“notable” under Melbourne’s planning scheme, are renovating their structure’s
five upper floors.

They will feature pared-back 400 square metre floorplates with exposed
wooden floorboards and original ceilings. The building’s vacant upper storey
has an original clerestory window.

Two years ago, the Li family did boutique renovations on another C-grade
property they own at 49 Exhibition Street, installing tenants AKA, Chapter
Group, Citta Property Group, Euroluce Lighting Australia and K2ld Architects &
Interiors after the fit-out.

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06/09/2019 Boutique tenants drive heritage office renaissance in Melbourne

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