Space Time Research Leases 630 Church Street Richmond
Space Time Research, which is majority owned by Macquarie Bank Funds Management, will lease 1150 square metres at 630 Church Street, Richmond, at a rental of $255 a square metre after incentives. It will move from offices in Camberwell.
Singapore-based furniture maker QIAO Design has signed up for 570 sq m of ground-floor showroom space in the building, choosing the Richmond site as its first Melbourne store. Jones Lang LaSalle senior leasing executive James Hunt said the tenant was paying $320 a square metre rent after incentives.
According to JLL Research, vacancy levels in the Yarra precinct, which includes Richmond, South Yarra and Toorak, are a low 3.9 per cent. "Despite office demand levels being weak in the Yarra region in the second half of last year, the precinct recorded record annual take-up of 31,080 sq m," said Mr Hunt. "The leasing market is stronger now than it was last year."
