Department store retailer Myer has executed another step in its turnaround strategy cutting its footprint in its Docklands National Support Office by more than one-third.
Myer had a lease until 2022 over the 28,000-square-metre building but has "surrendered" its claim on 10,000 square metres now deemed surplus.
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Myer sales fall in 3rd quarter
The department store is blaming a challenging retail environment and severe wet weather for a drop in sales in the three months to March 31.
Latitude Financial Services, formerly GE Capital Finance, has taken out a lease on 3½ floors in a direct deal with the landlord and has appointed architects Bates Smart to design the new space.
The 14-storey building at 800 Collins Street is half-owned by the Lend Lease-managed Australian Prime Property Fund Commercial and Swedish fund manager, Skandinaviska Enskilda Banke.
Myer is nearly halfway through a five-year turnaround strategy to fix its ailing bottom line. More than 50 jobs have been cut from its customer contact centre and digital services functions this year, with more job losses expected.
The collapse of Austradia, the local operations of British fashion retailer Topshop has also contributed to Myer's woes. The retailer owned a 20 per cent stake in Austradia, which was placed in voluntary administration last month.
A Myer spokesman confirmed the space reduction.
"Space optimisation is an ongoing focus for Myer. This reflects strong progress in our drive to become a more efficient and productive business," he said.
Latitude Financial was forced to look for new digs after Myer's department store rival David Jones, announced plans to shift its headquarters to Melbourne.
David Jones, along with its stablemate Country Road – owned by the South African company Woolworths Holdings – are moving to 23,000 square metres of space in Buildings 1 and 2 at 572 Swan Street, Richmond. The buildings, which housed GE Capital for the past 13 years, are owned by the South African-backed Growthpoint Properties Australia.
Nearby in Docklands, the National Heart Foundation has consolidated its operations onto one floor at 850 Collins Street.
The foundation has leased the 2154-square-metre floor for seven years in a deal negotiated by Colliers International's Shane Burns and Milly Stockdale for the landlord Transport Certification Australia. Charter Keck Cramer's Steve Kingston acted for the foundation.
Mr Burns said there was only one floor left in the building that was built for the anchor tenant Aurecon.