This article is from the Australian Property Journal archive
HOMEWARES retailer The Phoenix and the Turtle is opening its third Melbourne store after securing space along Puckle Street, Moonee Ponds.
Fitzroys agents Ervin Niyaz and Terence Yeh negotiated the lease of 132 Puckle St. The tenant has agreed to a three-year deal with a three-year option at $57,000 per annum net for the 130 sqm building.
This will be the third store in addition to its locations in High Street, Northcote and Point Nepean Road in Blairgowrie.
Niyaz said the retailer was attracted to the surging population and apartment development in neighbouring streets, and are anticipating that the shopping strip would continue to improve as a result.
“Moonee Ponds is currently undergoing a residential and commercial development boom, which is transforming the suburb into an inner-city hub,” Niyaz said.
There are more than 1,500 apartments within the Moonee Ponds Activity Centre in various stages of planning and development. These include the Mason Square development on the former Moonee Ponds market site of 1.34 hectares, while the future $2 billion overhaul of the nearby Moonee Valley Racecourse will include multiple residential and commercial buildings, adding a further 2,000 dwellings.
Moonee Valley Council expects the Moonee Ponds population to grow by 74.47% to 27,633 by 2041.
“The strong development pipeline around Puckle Street has established an exciting growth path and boosted future trading prospects for one of Melbourne’s best-known shopping strips,” Niyaz said.
Australian Property Journal
