the facts

334
victoria street

richmond

Leased 334 Victoria Street Richmond TCI - An in depth look behind the scenes of the campaign. We'll explain the pros, the cons, the challenges & the reveal!

Lease 334 Victoria Street Richmond Office Commercial Real Estate TCI

THE PROS

  • Meticulously fully fitted brand new office
  • Ground floor location
  • Carbon neutral with solar energy system
  • Ready for immediate occupation
  • Opportunity for new tenant to save on fit-out expenses
Lease 334 Victoria Street Richmond Office Commercial Real Estate TCI
TCI Commercial Real Estate For Sale For Lease Sold Leased The Facts Property Management Richmond Real Estate Cremorne Real Estate Collingwood Real Estate Fitzroy Real Estate Abbotsford Real Estate 
Lease 334 Victoria Street Richmond Office Commercial Real Estate TCI
TCI Commercial Real Estate For Sale For Lease Sold Leased The Facts Property Management Richmond Real Estate Cremorne Real Estate Collingwood Real Estate Fitzroy Real Estate Abbotsford Real Estate 

THE CONS

  • Located on Victoria Street close to Church Street intersection, with general market negative sentiment associated to Victoria Street, particularly for high-end office tenants
  • Owners Corporation expenses, with little benefit being provided to the tenant
  • 1 on-site car parking space. Whilst this typically wouldn’t be an issue for an office of this size, high-end office tenants paying top-end rent expect additional car parking
  • Lack of nearby parking

THE CHALLENGES

  • The asking rent was substantially more than the market leasing rate for offices in this precinct
  • Whilst the fit-out of the property was exceptional, the location would rule out interest from the vast majority of office tenants
  • Securing a tenant at a rent that would typically be associated with an “A” grade location e.g., Church Street
Lease 334 Victoria Street Richmond Office Commercial Real Estate TCI
TCI Commercial Real Estate For Sale For Lease Sold Leased The Facts Property Management Richmond Real Estate Cremorne Real Estate Collingwood Real Estate Fitzroy Real Estate Abbotsford Real Estate 
Lease 334 Victoria Street Richmond Office Commercial Real Estate TCI
TCI Commercial Real Estate For Sale For Lease Sold Leased The Facts Property Management Richmond Real Estate Cremorne Real Estate Collingwood Real Estate Fitzroy Real Estate Abbotsford Real Estate 

THE REVEAL

  • TCI leased the property at the asking rent of $69,000 per annum net or $530 per m² net
  • The tenant being North Richmond Community Health – a well-established non-for-profit organisation with government funding
  • Final result being 51% above market expectations

the facts

market expectation

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Campaign performance

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market average

leased 334 Victoria street

leased 334 Victoria street

leased 334 Victoria street

leased 334 Victoria street

leased 334 Victoria street

leased 334 Victoria street

leased 334 Victoria street

leased 334 Victoria street

leased 334 Victoria street

leased 334 Victoria street