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!
Opportunity for new tenant to save on fit-out expenses
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
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