A facelift of Adelaide’s Citi Centre Arcade has paved the way for a number of high profile lease deals involving Westpac and McDonalds.
The works include a new glass entrance to the arcade’s Rundle Mall entry, a canopy upgrade and new public facilities.
Internal reconfiguring has also been completed to combine two tenancies to create a new 177sqm site which has been leased to Westpac on a new seven-year lease with a seven-year option.
The bank plans to open later this month and will be trading as a Westpac branch, while their other new site at 11 Rundle Mall will trade as Bank SA.
The works have also included reconfiguring the McDonalds tenancy to offer them a wider Rundle Mall frontage. In tandem, McDonalds has renewed its lease, signing a new seven-year deal with a seven-year option.
CBRE Associate Director Julia Pottenger negotiated both deals – further strengthening the centre’s tenancy profile.
“Citi Centre Arcade boasts one of the lowest vacancy rates in the CBD with only one small retail tenancy available for lease,” Ms Pottenger said.
“We are particularly excited about Westpac opening a flagship store at the entrance to the centre. It has been a real team effort to bring this all together, working with the bank’s leasing and development teams and alongside CBRE’s Project Management team to conclude the works within a tight timeframe.”
Citi Centre is located at the eastern end of Rundle Mall on the corner of Pulteney Street and Hindmarsh Square. Retailers represented in the centre include Telstra, Aussie Disposals, Terry White and Nike.
Ms Pottenger noted; “The eastern end of Rundle Mall has seen far more activity over the past six months which is a really positive sign. With Westpac opening in November, McDonalds trading out of bigger space and Bailey Nelson having opened a couple of months ago, this part of the mall is certainly turning around with another two new retailers due to open in the coming months.”
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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 (based on 2015 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.