Oxford Street enjoys commercial resurgence
Oxford Street is undergoing a resurgence in leasing with an on-street business centre recording a trio of new leases in the last month.
The leases, secured by LJ Hooker Commercial Brisbane’s Jack Hardy, were signed on sub-15% incentives and have left the commercial facility at 77 Oxford Street fully-tenanted.
High-end road cycling retailer Perfect Ride has taken a 31sqm retail space with direct street exposure at $900 per square metre lease. The retail shell has been leased without fit-out.
H4 Living Architecture Firm has taken a 3-year lease with options on their 80sqm non-street facing office space, and undertaken a comprehensive fit-out to complement their operations and client service.
Rounding out the new additions, premium body art specialists Ink Embassy have also decided to relocate to high-end inner-city market from a previous suburban address. Ink Embassy has taken the last remaining space on a sub-lease worth $36,000 per year across a 62sqm site with street exposure.
“There’s been a bit of turnover in Oxford Street in recent years but that has tapered off as market activity and the profile of the strip has again started to grow in profile, on the back of the residential growth in the suburb,” said Mr Hardy.
“The lease to Perfect Ride was done at $900 a square metre and that’s probably the optimum result for retail landlords in Oxford Street, currently. Because of its outstanding exposure, we had four applicants for the space.
Mr Hardy said Ink Embassy’s addition complemented a shifting demographic of clients in Oxford Street.
“There’s been a proliferation of funky designers and craft beer bars in Oxford Street. Ink Embassy believes their bespoke creations will appeal to the changing demographic in Oxford Street.”
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PR & Communications Manager
LJ Hooker Commercial
M: 0427 916 020