The CBRE Victorian Retail Leasing Team have completed the final retail leasing deal to Oxi Tea at 500 Swanston Street Carlton leased on behalf of Journal Student Living, a recently completed state-of-the-art student accommodation facility. Jason Orenbuch CBRE concluded the project’s leasing. 

The leasing deal saw a 52 sqm retail space leased at a net square metre rate of circa $860.00 to new specialist tea group, Oxi Tea Bar. CBRE’s Jason Orenbuch concluded the project’s leasing which saw a targeted leasing campaign for all three spaces, all transacted off-market.

“Our team aimed to ensure that there were the correct retail uses and activation on the ground floor of the building, not only for the students residing within the building, but also for the enormous student catchment surrounding”, Mr Orenbuch commented. The buildings retail element now comprises of a specialty café, convenience retail and fresh tea bar. The leasing campaign has been a success with the average net square metre rate being achieved at circa $1,100.00, 75% of which was leased prior to construction completion.

“Demand still remains for key locations along the student component of the Swanston Street boulevard, regardless of the lack of international students currently within the country, retailers are focused on the long-term view and what key locations will bring now but in the near future”, Mr Orenbuch mentioned.

To request a copy of the lease analysis please contact the leasing agent via the below contact form.

2faeb537-180b-47ae-8284-e08fb06b42a7.png