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OMEGA will open its first flagship store in Brisbane in 2018.
The luxury retailer has committed to a two-level tenancy at 188 Edward Street totalling 282sqm for a five-year lease.
The October 2018 opening date coincides with Edward Street's $11 million facelift.
Sam Degn of Colliers International negotiated the lease off-market on behalf of the owner, Conias Corporation. Omega is said to have been looking at opportunities in the Brisbane market over the past 18 months.
"Omega's significant commitment to this site demonstrates their aggressive global expansion strategy which is based on sourcing prime locations in luxury CBD precincts," says Degn.
"The heritage aspect of the building as well as the corner location is what appealed to Omega; it was the ideal location for their new flagship Brisbane store."
Degn believes Edward Street's redevelopment will signal a new wave of luxury international retailers in the precinct, who are established in Sydney and Melbourne and looking to crack the Brisbane market.
"The impending Edward Street 'Luxury Runway' project will be Brisbane's premier high-end retail core and will transform Edward Street into a showcase street to compliment the new retail precinct that has emerged over the past few years," says Degn.
"Brisbane City Council's plan is to widen foothpaths, reduce the road from four to three lanes, and carry out beautification work from Queen Street to Charlotte Street that will include tree planting, stylised lighting and seating."
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