Following a search for alternative premises, Bakers Delight has re-committed to its Camberwell Junction headquarters for 10 years.
JLL’s Josh Tebb negotiated the deal for 1950 square metres at 293 Camberwell Road, Camberwell – about nine kilometres east of the Melbourne CBD.
The modernised four level building backs onto a public car park accessed from Riversdale Road.
Bakers Delight’s area, which it has tenanted for over 10 years, will now be refurbished.
As part of the renewal, it will pay rent of $400 per square metre net of incentives for the first year.
In February, Cabrini Health signed a 2000 sqm lease agreement for the CV@141 Camberwell Road office under construction, also near Camberwell Junction but on land zoned Hawthorn East.
Outside of Melbourne’s inner suburbs – which can command rent of more than $700 per sqm, pa for the highest quality space – Camberwell and Hawthorn East offices are amongst the most expensive to occupy.
They can also be pricey to buy: last month Anne Kantor, the daughter of publishing identity Sir Keith Murdoch and Dame Elisabeth, his wife, banked $12.07 million selling a double-storey shop and office leased to Commonwealth Bank of Australia at 735-747 Burke Road, Camberwell.
About 450 metres away from both the Bakers Delight and Cabrini workplaces, this property sold on a low 3.5 per cent passing yield.