This article is from the Australian Property Journal archive
HOSPITALITY operators have leased two buildings along Chapel St, South Yarra.
Fitzroys’ James Lockwood and Jordan Ceppi handled the leases at 585 Chapel St and 589 Chapel St on behalf of private investors.
Both deals are secure five-year deals with five-year options. New operator Jumi’s Café will open up at the 50 sqm space at 589 Chapel St and will pay $55,000 per annum net, while at 585 Chapel St, a Chinese group has leased the 75 sqm space at a similar building rate.
“The tenants were attracted to the prime locations in one of Australia’s most famous
shopping and lifestyle precincts, with a surging local residential and worker population and shifting demographics that has led to increased spending on dining and nightlife,” Ceppi said.
“The secure leases to new ventures reflect the confidence retail and hospitality operators have in Chapel Street’s future prospects.”
According to Fitzroys’ newly released Walk the Strip, Chapel Street, South Yarra vacancies came down from 18.1% to 15.6% throughout 2018/19.
Fitzroys has also just leased 539 Chapel St to children’s toys and clothing retailer, Things Adorable for their Melbourne flagship store, and 552 Chapel Street to Melbourne Laser Clinic on a long 10-year deal.
“This recent string of deals and the broad range of enquiry demonstrates that fashion and clothing retailers, hospitality operators and service retailers alike have an ongoing desire to have a presence in this iconic shopping strip, and anticipate strong growth in the coming years.”
