Dulux leases former 7-Eleven outlet, which has sat vacant for 18 months

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.

Dulux has signed a seven year lease for 697-699 High Street, Prahran, which 7-Eleven vacated 18 months ago.

Teska Carson’s Luke Bisset and Jack Kelliher recently took over the leasing campaign from another agency.

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.

The High Street, Prahran, property includes seven car parks.

“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.

Dulux will relocate from this site at 853 High Street, Armadale, allowing that landlord, Moda Corp, to replace it with a high-end, mixed-use, residential-based apartment complex. Source: Google Street View.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.