Longines joins luxury list of retailers on Collins Street
Longines is the latest major international retailer to secure a flagship store on Melbourne’s famed Collins Street, after striking a deal with the landlord to modify the property’s façade to meet its global standards.
16 May 2018
The property at 256 Collins Street, which offers 148sqm of ground retail space and additional 138sqm of basement space, was initially turned down by the luxury watchmaker due to the store frontage not meeting the brand’s global requirements.
However, in response, CBRE leasing agents Zelman Ainsworth and Tan Thach worked closely with architecture firm Meiter 3 and the building landlord to draft designs that unlocked the store’s frontage potential and presented to Longines what was possible.
The heritage building had significant limitations, making it challenging to modify the building. Nevertheless, CBRE and Meiter 3 curated a council and heritage approved strategy, which also spoke to Longines’ sensitive design identity.
The draft scheme included removing awnings, amplifying the building’s original architecture – circa 1950 – and mirroring the appearance of other Longines flagship locations across the globe; a classic, bright and timeless store front.
Longines subsequently secured a 10-year lease over the property at a market rent.
Mr Ainsworth said there are more opportunities than ever for landlords to work with retailers to reposition their properties and stay relevant.
“There are endless opportunities for landlords to reposition their real estate to ensure their properties suit a changing retail market. Today, retail stores must provide brands with the platform and exposure they need to remain competitive on a global scale and engaged with their customer base. Ultimately if the shop on offer is one dimensional with no flexibility to adapt to the changing rmarket - it will be difficult for retailers to see any value,” Mr Ainsworth said.
“People are panicking, thinking bricks and mortar is a thing of the past and retail rents will diminish. However, we are of the view that retail is changing for the better and there is only upside for landlords. And while online enhances the retail experience, it all starts in the bricks and mortar store.”
“Retailers are spending a lot of time and money to ensure they are embracing technology within their stores and incorporating online to give their customers the best possible experience.”
Other international retailers who have leased spaced on Collins St over the past 26 months include Gucci, Bottega Veneta, Versace, Fendi, Berluti, TAG Heuer, Coach, Mercedes Me, Omega, Cartier, Burberry and Hour Glass.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.
Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.