This article is from the Australian Property Journal archive
FIVEX has secured five new leases in the Melbourne CBD’s Flinders Lane precinct, as rental interest in the retail market returns.
The five new tenants all comprise food and beverage retailers all signing up for long-term leases along both Flinders Lane and Flinders Street.
New leases at 289 Flinders Lane include an Italian offering on a seven-year term for 27sqm at Shop 1, Flinders Lane Barbers on a five-year lease for 29sqm at Shop 1C and V5 Coffee Shop on a seven-year lease for 31sqm at Shop 1D.
While the new offerings at 276 Flinders Street span Fusion Bites, who specialise in Indian take away, on a five-year term at Shop 1B and a private convenience store also on a five-year term for 26sqm at Shop 3B.
Michael Di Carlo, Cam Taranto and Stephanie Harding from Cushman & Wakefield negotiated the tenancies on behalf of the landlord, Fivex.
The agents remarked that the precinct was currently seeing an abundance of fresh enquiry from retailers looking to take advantage of the renewed high rates of pedestrian foot traffic in the area.
Market sources believe rents for the properties were ranging at greater than $4,000 per square metre.
While activity is returning to Australia’s CBDs, a recent report by PAR Group found that even under optimistic modelling for workers returning to the office, nearly $1.6 billion in CBD spending could be lost each year.
