The former 7-Eleven outlet in Prahran (pictured, below) – which has sat vacant for 18 months – has found an occupier.
Dulux Group has signed a seven year lease, with a five year option, paying a starting annual rent of $90,000.
At 697-699 High Street, on the north west corner of Orrong Road and opposite the Orrong Hotel (pictured, top), the property includes a 163 square metre showroom and seven car parks.
The Prahran lease will see Dulux relocate from nearby 853 High Street, Armadale – a site which developer Moda Corp is set to replace with a high-end, mixed-use, apartment based project.
“This was a great result for the tenant in securing a prime position with exceptional exposure on High Street but also for the landlord who had gone without a tenant for well over a year,” Mr Bisset said.
Mr Kelliher added that Dulux was attracted to the potential of the Prahran site.
“This was a great opportunity to locate a business in a coveted retail and commercial precinct in an area with outstanding growth potential,’’ the broker said.
The landlord is a Melbourne based private investor.