For any landlord, extracting maximum value from their real estate holdings is a critical focus. This is becoming increasingly evident in CBD markets around Australia as the owners of office buildings and shopping centres look at new and innovative ways to create additional retail space. In doing so, savvy landlords are pocketing extra income by tapping into strong tenant demand.
A tried and true strategy for shopping centre owners is to look at casual mall leasing, creating kiosk spaces or events within the centre. In doing so, they not only earn extra income but also provide new draw cards for customers – as could be seen by the busy queues at the World Square World Cup Soccer live site and the recently installed 8m x 4m sized LED screen which will go live from Monday ready to screen the Melbourne Cup in November.
But it’s not just kiosk space or events on the radar. Take, for instance, the international luxury retailer Dolce & Gabbana in a two-level store on Collins Street in Melbourne. The store – D&G’s first in Australia – is situated at the tightly held Paris end of Collins Street, renown as one of the most sought after retail locations in the country. D&G, tenancy sits either side of an office entrance (one side for D&G’s men’s range and the other for ladies’ wear) with a second level connecting via a bridge over the lobby.
(Source: The Sydney Morning Herald Online )