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 SPORTS brand Adidas will relocate from one Mulgrave office to another, after signing a 3600 square metre lease deal at the Nexus business park on Dunlop Road. Adidas will relocate from a Springvale Road office it has occupied for about 15 years. The group is reportedly paying a rent of $275 per square metre, per annum, though it is not known if this is gross or face. The AFR reports average office rents in the area are between $270 to $280 per square metre, per annum. [...] REGULAR Grand Prix racegoers may notice the historic and former heritage-protected Avalon mansion, near the 13th turn at the bottom of Albert Park Lake, in Melbourne, has just been demolished. Built in 1903, and on a massive 2323 square metre block at 70 Queens Road, Avalon was designed by prominent architect William Pitt, who also penned the Princess Theatre and Olderfleet buildings, in town, and the Denton Hat Mill building, in Abbotsford. Avalon (pictured, right) was one of the few mansions dotted within the wider St Kilda Road precinct that survived a commercial office building boom that intensified in the 1980s, but troughed by the 1990s. [...] INTERNATIONALLY established surf wear brand Quiksilver has chosen Port Melbourne as a base for its metropolitan operations. The Torquay based company has signed a seven year lease for a 413 square metre double storey showroom within the Port Green Business Park at 67 – 77 Wharf Road near the Todd Road exit of the West Gate Freeway. The Quiksilver lease enabled the new building to sell to an interstate investor for $1.72 million, and on a yield of just under 7 per cent. [...] ASCOT Vale’s Laurel Hotel sold at auction on Thursday for $3.32 million. The prominent Mount Alexander Road pub sits on a massive 1167 square metre site and was sold with a five year lease, with two options, each of six years. Sources say an opportunist owner could develop a high density apartment project above the existing structure while still allowing the drinking hole to operate and fulfil its lease below. [...] |
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