This article is from the Australian Property Journal archive
ABACUS Bar & Kitchen has snapped up space at 383 Chapel St on the corner of Elizabeth St in South Yarra.
Fitzroys executive Jordan Ceppi negotiated the lease for the 326sqm property at $300,000 per annum.
Ceppi, who has negotiated a string of recent deals along Chapel Street, said tenants are seeing the future upside in the strip as the local residential population continues to boom, driven by the nearby Forrest Hill precinct near South Yarra station.
“The turnaround of many of strip centres is a growing residential catchment as new projects are completed, and Chapel Street is no exception,” he added.
Forrest Hill is currently home to nearly 4,000 residents and has seen $2 billion worth of construction take place in the past decade, with projects in its current pipeline including the 50-storey Capital Grand development on the corner of Chapel Street and Toorak Road, which will bring 396 apartments to the area, and 661 Chapel Street.
Ceppi said the development had also led to a sharp drop in retail vacancies on Toorak Road, just around the corner.
Australian Property Journal
