News

Developer Takes South Yarra Showroom

Posted on 11th December 2020

96 Toorak 14

Melbourne-based developer Benson Property Group has leased a South Yarra showroom, taking the mixed-use, multi-tenanted building to full occupancy and full activation as the city reopens.

Fitzroys Agency Manager, Lewis Waddell negotiated the two-year lease of the 186sqm ground floor space of 96-100 Toorak Road, South Yarra at $100,000 per annum plus outgoings and GST, on behalf of a private owner.

Benson Property Group will use the space a property sales suite for its Chevron One development on the Gold Coast, which will be first high-rise residential tower on Chevron Island, close to the beaches of Surfers Paradise.

Waddell said Benson Property Group was attracted to the property’s location in a highly affluent area, in which more people are looking at holiday homes in places such as the Gold Coast due to the lack of overseas travel options currently available.

The developer also has current projects right across Melbourne, including in Armadale, Hawthorn, Ivanhoe and Footscray.

“This leasing deal coincides with Melbourne’s reopening, and brings the building to full occupancy and further activating an important section of Toorak Road,” Waddell said.

“Benson’s new showroom brings to life a 20-metre corner frontage, while recent addition F45 upstairs is now able to reopen its gym and fitness offering, complementing Australia Post in the building’s third tenancy.

“This high-end precinct already offers a range of quality cafés and restaurants, and is close to South Yarra train station and tram routes, and remains in very high demand.”

Waddell said enquiry came from furniture showrooms, office tenants and service retailers in the skin and beauty industry.

Fitzroys leased the 470sqm first floor of the office building to F45 Training on a 5+5-year deal during the year. F45 was moving from their current premises in the Forest Hill precinct but was also wanting to expand its local offering, and jumped at the chance to remain in the growing and increasingly vibrant South Yarra commercial market - despite having to wait months before it could reopen.

Blue-chip tenant Australia Post is a long-term occupant the third tenancy in the building.

“South Yarra offers an affluent catchment that has been enhanced by an influx of young professionals, drawn to its famous shopping, lifestyle and hospitality amenity, and fast-growing office market,” Waddell said.