Grace leases small Armadale HQ
Boutique clothing store Grace, led by Ilana Moses, has rented an Armadale headquarters across the road from its recently opened flagship store.
The group is believed to be paying $300-$350 per square metre for the A-grade office, Level 1, 1062 High Street (pictured, top).
The initial lease term is three years however with options the tenant can stay until 2032.
“High Street services one of Melbourne’s most prized catchments, which has continually supported strong trading, and new developments are further activating the strip, attracting commercial and retail tenants and adding to the immediate catchment,” Fitzroys’ Hamish Dennis, who brokered the Grace deal, said.
Late last year, a syndicate including Central Equity executives outlaid c$30m in separate deals to create a 2030 sqm development site in the street, between #1075-1095.
One of the two properties to form this – 1087-1095 High St – was offloaded by fashion executive and developer Michael Gannon.
The amalgamation is, longer-term, expected to make way for a residential based mixed-use project.
In 2021, meanwhile, Tony Gandel, the son of shopping centre owner John, outlaid $6.15m for the ex-Armadale Antique Centre, at 1147-1151 High St, it is believed, for an office development (story continues below).
High Street office
With 187 sqm, level 1, 1062 High St is configured with a reception/lounge, open plan office, kitchenette and self contained studio over a two car garage. It also offers a terrace.
Grace has a second store, in Church St, Brighton.
“We received a couple of enquiries from fashion – mostly bridal – and retail operators wanting to use the space as an office close to their retail stores along High St,” Mr Dennis said.
Digital marketing agencies, a construction company and psychologist looked in too, he added.
The deal comes 30 months since online retailer Stylerunner, owned by Accent Group, leased its first bricks-and-mortar store, in the street at the south east corner of Seymour Grove. In 2021, meanwhile, Victor Churchill, described by late chef Anthony Bourdain the “most beautiful butcher shop in the world” committed to its maiden Melbourne shop, at #953.
Subscribe to our newsletter at the bottom of this page.
