This article is from the Australian Property Journal archive
FOUR retailers have signed on for spaces within Fivex’s 2-26 Elizabeth Street building Riverview House, also known as 276 Flinders Street, in a bustling part of Melbourne’s CBD across from Flinders Street station.
Fivex is in the construction phase of a new five-storey, $40 million tower on the building’s podium. The building fronts a section of Elizabeth Street that the Melbourne City Council intends to revamp, closing the southbound road lane between Flinders Lane and Flinders Street to make more pedestrian-friendly, with new paving and new trees, located next to the terminus of the busy tram routes to the northern suburbs.
Cushman & Wakefield’s Michael Di Carlo and Alexia Gatti negotiated the four retail deals, including a 26 sqm site leased to Café 358; Wok to Walk taking 82 sqm; a 14 sqm site leased to King-T; and 24-hour Ramen taking up 128 sqm.
“Elizabeth Street has some of the highest rents in the CBD, yet hasn’t deterred retailers from setting up shop, as demand for limited stock remains strong. This may be because Melbourne’s CBD is becoming more vibrant and accessible as employment environments continue to improve and the demand for goods and services increases.
“The area will also benefit from the $11 billion Metro Tunnel, which is expected to add more foot traffic to the average 60,000 pedestrians that already travel through Elizabeth Street daily. This is leading retailers to consider a shift away from Swanston Street towards a new thriving precinct,” Di Carlo said.
They also leased the 63 sqm store at 211 Elizabeth Street to Good Games, which will be its second CBD site.
Australian Property Journal
