Lease at Frank Costa's Richmond Office to An Ex AFL President

KEEPING it in the AFL family, a company chaired by former Melbourne Football Club president Paul Gardner has leased offices at a Richmond project being developed by the current president of the Geelong Football Club, Frank Costa.

Financial services group Grey Australia New Zealand, of which Mr Gardner is an executive, will lease 940 square metres, being the entire second level, at Mr Costa’s 4 – 12 Amsterdam Street development, at the Cremorne end of the trendy inner-city suburb.

Market rents at the new three-storey building are between $300 and $320 per square metre, per annum.

Cremorne is the name given to the former industrial pocket of Richmond closest to the Yarra River.

Over recent generations, industrial tenants have relocated to the outer suburbs, allowing old factories to be converted or replaced with boutique apartments and offices, which in both cases can command higher rents than the CBD.

Elsewhere in the inner-city, Specialised Bicycle Components has leased 1000 square metres at the ground floor of 251 Salmon Street, in Port Melbourne, an asset owned by Industry Superannuation Property Trust.

Colliers International’s Ben Christie negotiated both lease deals.

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