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!

THE PROS

Meticulously fully fitted ‘as 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

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 could expect additional car parking
Lack of nearby car parking

The Facts Lease 334 Victoria Street Richmond Office Commercial Real Estate TCI

THE CHALLENGES

The asking rent was substantially more than the market leasing rate for offices in this precinct
The office market was flooded with over 1,500 other properties for lease in Richmond
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, Richmond
TCI leased the property at the asking rent of $69,000 per annum + outgoings + GST or $530/m²net in August 2023, to a government funded tenant on a 3 year term, with the option for the tenant to terminate the lease after 1 year if government funding was not renewed
The tenant terminated the lease and the property was subsequently re-marketed for lease
The office leasing market had deteriorated from the previous year
To overcome this, our new marketing campaign promoted “free” offerings e.g. the fit-out, furnishings and solar power, to stand out in a depressed and flooded market

THE REVEAL

Within 11 weeks, TCI leased the property at the asking rent of $64,500 per annum + outgoings + GST or $496/m²net, on a 3 year term
TCI leased the property not once but twice, both at record rents
Final result being 42% above market average

the facts

market expectation

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RESULT

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Campaign performance

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the facts

334
victoria street

richmond

THE PROS

THE CONS

THE CHALLENGES

THE REVEAL

the facts

market expectation

PER M²

PER M²

higher

Campaign performance

PER M²

PER M²

RENT

market EXPECTATION

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

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the facts

334victoria street

richmond

THE PROS

THE CONS

THE CHALLENGES

THE REVEAL

the facts

market expectation

PER M²

PER M²

higher

Campaign performance

PER M²

PER M²

RENT

market EXPECTATION

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

Add Your Heading Text Here

Contact

Address

Phone

Email

Menu

Social

334
victoria street