Victorian government pays a premium to rent Fitzroy office for planning minister Richard Wynne
EXCLUSIVE
Victoria’s planning minister, Richard Wynne, will shift offices after leasing part of a historic and high-character Fitzroy building (pictured, top).
The state government is paying annual rent of $87,500 plus GST for a 135 square metre ground floor premises within 188-196 Gertrude Street.
The four year lease, with a four year renewal option, will kick off from mid-July.
Only a six-week rent-free period was offered as an incentive.
Mr Wynne, who has been Richmond’s MLA for 20 years and holds the Housing and Multicultural Affairs portfolios, as well as Planning, will relocate from the high-profile corner of Brunswick and St David streets, also in Fitzroy.
The Gertrude Street lease was negotiated by GrayJohnson’s Rory White who said the government has committed to fixed annual rental increases of 3.5 per cent with a market review at the option exercise.
“This is the last remaining tenancy available in the classic three-level building that…has been extensively refurbished whilst retaining the internal building features of tall ceiling heights and exposed beams and structural components as well as the building façade,” Mr White said.
“The space to be occupied offers a key presence on Gertrude Street and includes high ceilings with exposed brick walls and is fully serviced with rear pedestrian access via a laneway.
“These premises were previously occupied as a co-working space and a quality fit-out is in place”.
With this lease, Mr White has filled the building for the landlord, 1970s Carlton footballer Barry Armstrong, who paid $7.25 million for it six years ago.
Last October, we reported that former AFL player, West Coast premiership winner Tyson Stenglein, leased 432 sqm of upper-storey space at 188-196 Gertrude Street for his marketing agency, Space Between.
Mr Stenglein and his business partner David Clarke are paying annual rent of $140,000 for that area.
In September, 2017, GrayJohnson committed an occupier to a 275 sqm ground floor shop within the building: the rental rate of $617 per sqm, pa, was considered a record for commercial space in the street.
Mr Wynne’s lease has been struck at $648 per sqm, pa – which to the government’s credit, is likely cheaper than the outgoing Brunswick Street office.
