Harvey Norman has leased a second major commercial property in Melbourne’s inner-east Richmond.
The retail giant will sub-let all 2100 sqm of space at 158 Murphy Street, Richmond (pictured, top), from mailing house DMC, which we reported in December, is relocating to Heidelberg West.
Harvey Norman trades from an outlet in Richmond, at 479 Bridge Road, about 600 metres away from the property it has just rented.
The Murphy Street store will act as a distribution centre.
Gray Johnson’s Rory White was the leasing agent.
“The sub-lease is at an annual rent of $325,000 gross plus GST with fixed annual rental increases of 4 per cent,” the broker said.
Harvey Norman will see out the two years and six month term which remained on the DMC lease.
The warehouse, with a wide street frontage and two roller door access points, also includes an office component.
Two months ago we reported that DMC committed to rent a 7440 sqm industrial building at 26 Dougharty Road, West Heidelberg (pictured, left) – another deal negotiated by Mr White.
Last month, investors paid $17.3 million for an Abbotsford despatch centre (pictured, right) leased to IKEA, which trades from a major outlet at the Victoria Gardens Shopping Centre, nearby, in Richmond.