Brisbane, 02 November 2015 – Leading Australian tiling retailer, Beaumont Tiles has leased a landmark Newstead showroom to house its new concept store.
CBRE’s Director Retail Services, Damian Crocetti, said the 3 Montpelier Road site was formerly occupied by Australian furniture brand Jimmy Possum.
“This prime 739sqm showroom is directly opposite one of Brisbane’s largest homemaker centres, Homemaker The Valley, which houses major retailers including Aldi, Nick Scali, Trade Secret, Harvey Norman, Domayne and Freedom. The property is also strategically located on one of Brisbane’s largest and most prominent intersections, offering exposure to some 70,000 vehicles per day.”
CBRE, who also negotiated the sale of the centre to a private owner in late 2014, secured the new tenant on a seven year term. The new centre owners are set to undertake various upgrade works including re-branding and improved retailer signage zones off the back of securing Beaumont Tiles.
Owners representative, Cameron Bowes, commented; “Our vision for the centre when purchasing was to undertake a cosmetic refurbishment and new branding strategy to reposition it. Securing a major national retailer such as Beaumont Tiles is a vote of confidence for the centre and we will be unveiling renovation plans to coincide with the its store opening.”
Beaumont Tiles will take handover of the premises 1 November 2015, with the site understood to have drawn a rental rate ranging from $390 sqm per annum net, based on rentals being achieved for similar style showroom tenancies in the immediate precinct.
Beaumont Tiles Managing Director, Bob Beaumont, said the site provided an exciting opportunity for the country’s largest tile retailer.
“This space provided the desired footprint to showcase our extensive tiling, stone and bathroomware range and the flexibility to innovate in retail.”
“The tenant was attracted to the sites advantageous location in the heart of Newstead, one Brisbane’s fastest growing and most dynamic areas for retail, commercial, and residential development,” Mr Crocetti added.
“The strong large format retail market, which is being underpinned by buoyant housing activity, is currently prompting many household goods retailers to look for opportunities to either relocate into that provides long term tenure or for expansion.”
For Australian/international news or global stories, follow us on Twitter. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com. About CBRE Group, Inc.
