This article is from the Australian Property Journal archive
GLOBAL sports and footwear retailer Foot Locker has signed a long-term lease to open one of the largest stores in Melbourne’s highly sought after Bourke St Mall.
The retailer will relocate from Swanston St and double its floor space after securing 600 sqm of space.
Savills’ Michael Di Carlo and Damien Abela negotiated the 10-year lease over a two level tenancy at 327 Bourke St on the corner of Causeway Lane.
The rental was not disclosed.
Di Carlo said the deal was one of a number of key tenancy changes emerging in mall over the last 12 months including Cotton On Mega moving into a new store, Optus expanding, Bardot relocating, Sunglass Hut opening a new flagship store and Michael Hill moving to the high profile corner of Swanston and Bourke streets.
“All of these changes, along with the General Pants relocation, show that large national and international retailers are still seeking high traffic strip locations where they can showcase their brand and generate strong sales.
“Melbourne CBD retail and especially the Bourke Street Mall remains Australia’s pre-eminent retail destination and the location of choice,” he added.
Savills associate director research, Monica Mondkar said CBD core shop vacancies had fallen 55% – since a post-GFC high recorded a vacancy rate of 6% in March 2011 – and were expected to remain low on the back of increased spending, Melbourne’s nation leading population growth, tourism and the continued influx of high profile global fashion brands.
Australian Property Journal
