This article is from the Australian Property Journal archive
GROWING restaurateur Shanghai Street Dumplings has secured space at 360 Bourke St in Melbourne to open its sixth restaurant.
Fitzroys’ Terence Yeh negotiated the 10-year lease with a five-year option for the 400sqm Level 1 space on behalf of Pavilion 360 Pty Ltd at a net rent of $200,000 per annum plus outgoings and GST.
Shanghai Street will join national tenants Flight Centre, Bank of Melbourne, Lincraft and Pacific Smile in the building. Also known as The Pavilion, the building is opposite the CBD’s major retail precinct the Bourke Street Mall, and across the road from the landmark GPO building that is home to Swedish fast fashion group H&M.
Yeh said Shanghai Street’s strong confidence in the location was reflected in the long lease term, and that the addition of the business could change the dynamics of the immediate precinct.
“This is the kind of recognised tenant that can attract similar businesses into the area. The Elizabeth Street precinct further north between Melbourne Central and the Queen Victoria Market has been red-hot for Asian-oriented hospitality businesses, and demand is expected to push out towards Bourke Street.”
Australian Property Journal
