News

Tenants Show Faith in CBD's East End

Posted on 13th March 2019

156 Collins 5

156 Collins Street, Melbourne

Scots’ Church’s historic five-storey Assembly Hall building, in the prized Paris End of Melbourne CBD’s Collins Street, is now fully leased after five character office suites were leased to tenants across a range of sectors.

Fitzroys Manager (Agency) Stephen Land and Agency Executive Sam Friend negotiated the deals.

The five suites, across the ground and second floors, cover a total of 172sqm and the leases will initially bring in a combined rent of circa $94,000 per annum gross plus GST.

Mens’ shoes and fashion accessory label Double Monk has just taken a 42sqm space on part of the ground floor on a 6+6-year deal at $35,000 per annum plus GST with 3.5% increases.

Rates range from $450sqm to $550sqm plus GST per sqm for the second floor.

Among the most recently-struck deals are Jackie Knight Consulting, which took around 30sqm at $15,000 per annum plus GST on an 18-month deal with an 18-month options at Suites 2.5 & 2.6; and William Angliss Charitable Fund will move into about 50sqm at Suite 2.9 on a 2+2+2+2-year deal at $22,000 per annum plus GST.

Land and Friend also leased Suite 2.7 of 23sqm to a photograph editing studio for 3+3 years at $11,650 per annum plus GST with 4% increases; and Suite 2.8, also of circa 23sqm and for 3+3-years, to Enable Workplace Consulting at $10,250 per annum plus GST with 4% increases.

Land said the Gothic Revival-style Assembly Hall offered rare self-contained offices in the coveted east end of Collins Street. Designed by Henry H. Kemp and built by Swanson Bros. in 1914, it sits immediately in front of Westpac’s modern headquarters and is adjacent to the 1873-built Scots’ Church, on the corner of Russell Street.

“Assembly Hall has retained its historic character over more than a century, an element that continues to draw tenants across the boutique office market.”

He said strong levels of enquiry were received from a number of different commercial operators, with legal, financial and real estate consultants, not-for-profit groups, and psychology and counselling services particularly prominent.

“The city’s east end offers a vibrant mix of its famous high-end shopping that has the street dotted with iconic global brands; high-profile modern and classic office buildings, and a range of food and beverage options, while Assembly Hall is also located a short distance from the heart of the Melbourne’s CBD.

“Tenants continue to look for spaces that offer attractive lifestyle elements and are well located, with Assembly Hall’s location on Collins Street between Swanston and Russell Streets easily accessible via a multitude of public transport options.”