A marketing agency owned by former AFL player, West Coast premiership winner Tyson Stenglein, with business partner David Clarke, has leased the upper levels of a historic building in Melbourne’s inner-north Fitzroy.
Space Between is paying a starting annual rent of $140,000 to occupy 432 square metres at 188-196 Gertrude Street (pictured, top and left), about a kilometre from the city centre.
Gray Johnson’s Rory White negotiated the five-year deal which includes fixed rent rises of four per cent per annum.
Space Between is a multi-faceted business with designers, photographers, writers, artists and creative directors. Its clients are based around the world.
The marketing agency will move to Fitzroy on January 1 after the building owner, a private investor, undertakes a high-end renovation and refurbishment of the space.
Mr White said that in September, 2017, Gray Johnson leased a 275 sqm ground-floor section of this building for $617 per sqm – at the time considered to be a record rate for retail/commercial space in the street.
This space was taken up by another creative occupier, Love & Money.
“Over recent times Gertrude Street has become a hotspot for creative and high-end businesses as well as being a lifestyle precinct with numerous cafes, highly regarded restaurants like Ladro, Madam Cheong and Cutler & Co,” Mr White said.
The 1880s building retains many of its original features, the broker added, including timber floors, vaulted timber lined ceilings and exposed trusses.
“In particular it is a well located building that provides the type of environment and location that is being increasingly sought by the new industries of today.”