This article is from the Australian Property Journal archive
THE Mordialloc Plaza Shopping centre is now fully leased after a refurbishment.
DTZ Australia agent Stan Dawidowkski said the previously vacant shops in the centre have been quickly leased up to provide a compelling mix of traders.
“Main St Mordialloc is one of the strong retail strips along Melbourne’s bayside and negative sentiments about the retail outlook have not discouraged the leasing.
“Most of the eleven retail outlets have areas from 80-110 sqm that have been leased on terms which reflect the current retail environment in terms of lease features and a competitive rate per sqm,” he added.
The new tenancies include a shoe retailer, travel agency, camera shop, gourmet pizza shop, a Subway outlet and other food outlets including a Bakers Delight, noodle and sushi bar, a local newsagency and two fashion retailers.
The privately owned centre has a building area 4,533 sqm, anchored by a large Woolworths supermarket which has an area of approximately 3,600 sqm.
“Significantly several of the new tenancies are traders who are actually expanding the number of locations they trade from, which is an encouraging sign both for the potential in Main St Mordialloc and the retail sector in general.
“The leases are all for initial three year terms and most have one or more future options, with annual rental increases of 4% or to market at the option exercise date included,” Dawidowkski said.
Australian Property Journal
