This article is from the Australian Property Journal archive
GLOBAL Mexican fast food chain, Taco Bell, will open a large restaurant in South Yarra after securing space on Chapel St.
Fitzroys agents James Lockwood and Lewis Waddell have leased the 320 sqm, fully-fitted space at 352 Chapel St South Yarra to the US-based company. The restaurant is due to be open later this year.
Lockwood said the interest in the property generated throughout the global campaign demonstrated the high regard in which Chapel St is still held in by major operators across Australia, as well as abroad.
He said Taco Bell is looking to capitalise on the recent influx of spending within the area, and recognised the growth prospects that the growing residential and worker population offered Chapel St.
“Residential and commercial development in the area has both increased and prompted a shift in the immediate catchment’s demographics, which has brought a higher spend on food and beverage,” Lockwood said.
Established in 1962, Taco Bell serves two billion customers each year at more than 7,000 restaurants across the world. After previous stints in the Australian market, Taco Bell re-entered the country in 2017 in Queensland.
Lockwood said Taco Bell is the latest food and beverage operator to look to Melbourne as the next location for their expansion, given the city’s nation-leading retail spend.
“Taco Bell wanted to secure an address in one of Melbourne’s – and Australia’s – most famous shopping and lifestyle precincts for its debut in the city,” Waddell said. “The double-fronted property offers fantastic exposure in an area with high foot traffic, and which will be invigorated by new developments in the area.”
