239-243 Elizabeth Street, Melbourne
239-243 Elizabeth Street, Melbourne is a three level retail building occupied in its entirety by JB Hi-Fi being centrally located within the Melbourne CBD and forming part of the Retail Core.
JACX Property was engaged by an offshore Landlord to represent them during the market review process after the Landlord and Tenant had been unable to come to agreement.
Our role was to initially seek a resolution with the Tenant over the market rent, but once all avenues had been exhausted the matter proceeded to independent rental determination. JACX Valuations provided a detailed rental submission on behalf of the Landlord which was careful to distinguish between the leasing market at the relevant date in July 2019 and the date the determination took place (late 2020) given the changed market conditions due to COVID.
JACX was pleased to see a rental increase at determination that was broadly in line with the rent we had sought to negotiate.
Following this engagement JACX has continued to be the Landlord’s advisor on property related matters, providing regular updates on the state of the retail market in Melbourne.