Retail Leasing Activity at QV

The retail component of QV is undergoing a recovery, with two major high end retailers committing to space on Albert Coates Lane.

Hugo Boss Orange, the leisurewear arm of Hugo Boss has leased around 140 square metres of space, joining another fashion retailer, Zimmerman, which will lease around 110 square metres. The space was formerly occupied by fashion retailer Third Millennium, which last year relocated to a smaller premises in Albert Coates Lane.

“QV has enjoyed a major improvement in terms of tenancy mix in recent months which has seen its vacancy rate plummet from almost 20 per cent six months ago to well below 10 per cent (today),” said CB Richard Ellis senior manager of retail services Lee McIntyre, who is leasing the retail space. “Albert Coates Lane is poised to usurp prime Little Collins Street as the CBD’s premier fashion destination.”

“We expect the rate to fall even further over the next month with four additional lease agreements currently in advanced negotiations.”

Mr McIntyre declined to comment on the rent the tenants are paying however sources told Capital Gain rates per square metre ranged from $1000 to more than $1500.

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