Rolex just purchased an office building in Melbourne, Australia. The building is not even located on the same street that most the other international luxury goods brands are. I assume they bought this for a "flagship" retail store and a RSC above. It's an expensive way to get a retail presence but obviously they have very deep pockets. Article from this morning's "The Australian" newspaper: "Upmarket watch brand Rolex is buying the Victorian Liberal Party’s long-time headquarters in Exhibition Street in Melbourne’s central business district for $37.1 million. The sale to the watchmaker was confirmed when the company put a caveat on the site after more than three days of silence from the Swiss group, which did not answer questions from The Australian. Proceeds will help refill the party’s coffers after it funded the recent failed election campaign to unseat Victoria’s Andrews government. The party sold 104 Exhibition Street, on the corner of Little Collins Street, at a sales rate of about $16,100 per square metre on net lettable area. After 30 years occupying the space, the Liberal Party will now vacate the premises at the end of next year."
Hardly a salubrious retail location for a "world class" brand. Maybe Subway have a special cabinet for their Rolex selection. And maybe you order your place on the RWL (Rolex Wait List) while you're grabbing a foot long.
The whole of Melbourne is hardly salubrious @JimInOz Seems like Rolex is on a waiting list “Industry sources suggest it will initially be used by Rolex as its Australian headquarters and when the ground floor leases to 7-Eleven and Subway expire, it will become the brand’s flagship Melbourne store.”
I just don’t know why they would open a store. What would they display? Pictures? A service center for Oceania sounds good though.
After reading that it made sense- the building will be a flagship. In DC, when a high end retailer invests in a marginal area, it’s a sign that there are larger urban redevelopment plans afoot and they have been approached and given some sort of perk or assurances (property tax deferment- tax credit for renovations etc). If you’re a property speculator- I would be looking into what the redevelopment plan for the area looks like...and start buying.
If it's going to be an office, then there is no point in locating it on the same street where all luxury stores are located. If this building is going to be just for their employees, there is no point in keeping a store there. In my opinion, the most important thing for offices is location and facilities. And it is hard to find a nice office where it is going to be comfortable to work 8-9 hours per day. I’ve been searching for a nice office recently and found a few on osdoro.com.sg. They have everything I need, and I wish we had more office buildings like that. Also, I'm curious how does the Rolex office looks from the inside.
I heard a rumor that you can buy the builidng from them, but you have to get on a waiting list and buy several of their less desirable buildings first.