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."