Allard Shelton has secured a long term lease for the Commonwealth Bank of Australia at 142 Glenferrie Road, Malvern, signifying the largest dollar value letting deal in this shopping strip for 2017 to date. The agreed rent of $275,000 p.a plus GST and outgoings, represents a competitive rent of $859 per square meter.
“Demand for retail property in Melbourne is still strong and freehold buildings on high exposure corners like this are always sought after,” commented Managing Director, Patrick Barnes. Commonwealth Bank is expected to occupy the new premises by October 2017 with the owner of 142 Glenferrie Road, Malvern fitting out the building in line with the Commonwealth Bank’s retail design strategy. The fit out is expected to take over 2 months to complete and will comprise of an internal and external renovation, which focuses on improving the whole customer banking experience. "This is an exceptional building in a corner location which is unrivalled. The quality renovation that is proposed is not only going to be of great value to the tenant, but also to the building itself. It is expected to make a significant contribution to the streetscape of this bustling shopping strip," commented Mr. Barnes.
This prized corner and prominent historical site is in one of the most sought after locations with high exposure to both Glenferrie Road and the potential for further exposure along Edsall Street. It is part of one of Melbourne's busiest shopping strips and is in close vicinity to other quality tenants such as Coles, ANZ, Westpac and Dan Murphy's.
Allard Shelton, Victoria’s oldest, Australian owned commercial property agents, have managed this renowned site for over 15 years and facilitated the rental transaction after an introduction from Fitzroys Director, David Bourke. About Allard Shelton Pty. Ltd. Allard Shelton Pty. Ltd. is a Melbourne based real estate agency established in 1884 and is one of Australia’s longest standing property firms. The Company offers services to both vendors and sellers in property sales, leasing, appraisals and property management. Allard Shelton is one of Melbourne’s most trusted agencies, with a vast network of long term, high profile clients for whom they provide tailored agency services, consulting and property investment guidance.