This article is from the Australian Property Journal archive
HAWTHORN’S Glenferrie Road shopping strip continues to attract food and beverage operators.
Fitzroys agents Jordan Ceppi and Chris James have leased 642 Glenferrie Rd to a Chinese salad and dessert bar, and Shops 1 & 2, 694 Glenferrie Rd to bubble tea chain operator Sharetea.
It is the latest expansion move across Melbourne’s suburbs for Sharetea, having recently leased 71 Koornang Rd in Carnegie in a deal also negotiated by Fitzroys. The 10-year lease with a five-year option at 694 Glenferrie Rd was struck at $40,000 per annum net with 3% increases. The 54 sqm combined space has a wide frontage and is adjacent to a large council car park.
At 642 Glenferrie Road, the new salad and dessert bar will pay $50,000 per annum net with 3% increases on a five-year deal with a five-year option for the 50sqm building.
Ceppi said the properties are on the doorstep of renowned Swinburne University, which supplies a constant supply of pedestrian traffic to the precinct.
“This has allowed local and national tenants, particularly a number of cafés and eateries, to thrive on the constant flow of students, and across all hours given the growing student accommodation beds in the precinct,” he said. “As has been seen in the northern part of the CBD, Asia-based food and beverage retailers have been encouraged to seek out a presence in the expanding University precincts and take advantage of the high student population, as well as the increase in medium and high density residential development.”
Australian Property Journal
