Joseph Chahin’s BR Wellington commits to Richmond HQ
The accounting firm directed by property investor Joseph Chahin will move headquarters from the Melbourne CBD to a standalone office in Richmond.
BR Wellington has leased all of 177 Burnley Street for 10-years, paying a starting annual rent of $320,000.
It will relocate from a historic building at 362 Little Collins Street which sold last year to ISPT and Brookfield.
Constructed in the 1970s, the Richmond property, marketed as a high calibre office/showroom, includes 1230 square metres of area and six car parks.
On the corner of Palmer Street, the property is one block north of Bridge Road, about two kilometres east of the CBD.
“The leasing deal is equal to a rate of $260 per square metre with fixed annual increases of four per cent,” GrayJohnson agent Rory White said.
“City fringe areas like the adjoining streets of Richmond are benefiting from many new building developments, refurbishments and strong tenancy demand with many developers, investors and tenants seeking out opportunities,” Mr White said. “Easy access to the Monash Freeway and main arterial roads, along with the perceived panache of the area is driving activity”.
The broker added that he is seeing a significant shift in the market where medium sized businesses are moving out of the CBD to more diverse suburbs such as Richmond, Cremorne and Collingwood.
BR Wellington’s decision to relocate comes eight months after Brookfield and ISPT paid $14 million for 362 Little Collins Street – the historic city building it currently rents.
The co-owners control the adjoining site, 405 Bourke Street, where it a 29-storey, 66,000 square metre office pre-committed to National Australia Bank as its headquarters is under construction.
It is understood Brookfield and ISPT will occupy the 362 Little Collins Street space being vacated by BR Wellington.
BR Wellington will relocate to Richmond in July.
