The Bank of Melbourne has inked a new lease at ISPT’s Midtown - the latest in a flurry of tenant movements in one of Melbourne’s rapidly evolving retail hubs.
The Bank of Melbourne secured the 381sqm retail space following Citibank’s departure from the property after 10 years. Midtown is a Melbourne landmark centrally located on the corner of Swanston and Bourke streets.
CBRE’s Zelman Ainsworth, who brokered the off market deal on behalf of ISPT, said the Bank of Melbourne’s commitment to the area highlighted its ongoing transformation into one of the city’s leading retail precincts.
Off the back of major upgrades to Midtown, as well as it its recent purchase of 206 Bourke Street nearby, ISPT is redefining this pocket of the CBD as a thriving shopping and business location,” Mr Ainsworth said.
“The Bank of Melbourne’s confidence in the precinct is testament to its growing profile, with tenants drawn to its location on the doorstep of Chinatown and the ever popular Bourke Street Mall.”
CBRE’s Mark Wizel said Melbourne’s Chinatown precinct was undergoing a period of major transformation.
“The growth in Asian residents living in the Melbourne CBD, combined with huge increases in Asian tourist numbers to Melbourne, is making Chinatown one of our most attractive precincts for tenants,” Mr Wizel said.
The deal follows the recent opening of Chemist Warehouse in the basement of Midtown, which replaced Dick Smith. Japanese retail giant Daiso has also secured a presence in the building, signing a lease on 1,084sqm in the basement.
Telstra anchors the building’s retail component, having recently reopened its newly refurbished Experience Store on the corner of Bourke Street and Swanston Street.
Bank of Melbourne was also the latest in a string of bank relocations across the Melbourne CBD, a trend underpinned by retail banks upgrading their retail foot prints to larger stores that can house the latest banking technology and range of services that are now available in the branch.
Commonwealth Bank of Australia recently relocated from Mirvac’s 367 Collins to a strata-owned property at 325 Collins Street, while Bendigo Bank has moved its 303 Collins Street store to 292 Collins St – Block Arcade. Westpac has also moved from Dexus’s 360 Collins Street to 303 Collins Street.
About CBRE Group, Inc.
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.
