Melbourne Hungry Jack’s has snapped up a 500 sqm retail space on the busy corner of Elizabeth Street and La Trobe Street in Melbourne’s CBD, as the hefty development pipeline and growing student population in its northern precinct drives a generational change in its retail offering.
Terence Yeh and Alex Shum of Fitzroys negotiated the 15-year lease for the Ground Floor of 260 La Trobe Street, also known as the A-C Building, at a commencing rental of more than $700,000 per annum gross on behalf of Landream.
Hungry Jack’s will use the space as its CBD flagship site. It was the first leasing campaign for the space in around 20 years, following an extended period of tenure by Endeavour College of Natural Health, and the deal comes as a generational change of retail and hospitality tenants takes place through the city’s booming northern precinct.
“Hungry Jack’s won out from hot competition between local and international operators, and we were inundated with a wide range of retailers who have been seeking a highprofile location following the Metro Tunnel works shake-up,” Yeh said.
“Across the board, this ranged from major fast food operators, hospitality operators, convenience stores, financial institutions and restaurants, chain retailers, and medical and specialty groups.
“We did receive high levels of interest from various Chinese restaurant operators with existing CBD stores. This is consistent with the northern end on Elizabeth Street continuing to evolve and owners in the area should expect to benefit from increasing rental values," Yeh added.
An industrial freehold at 56-58 Shafton Street, Huntingdale has sold at auction for $1.78 million.
Comprising of a high-power factory/warehouse of approx 955sqm on land of approx 1,100sqm, the popular property saw multiple bidders drive the price to almost $300,000 above reserve.
Selling again Anthony Mondous said he purchaser, “Weltmeister”, was a successful specialist Porsche car service centre looking at expanding their business in the south east suburbs.
“This facility was a perfect fit as it gives our client a flexible floorplan and ideal location just moments from the M1 and major arterials,” he added.
Axil Coffee Roasters is opening its second Hawthorn location, in a high-profile space at the front of the Lido Cinemas complex on busy Glenferrie Road.
Fitzroys Senior Manager Chris James negotiated the lease for the 40sqm 677 Glenferrie Road space at $65,000 per annum net, at $1,625 per sqm.
It is on a corner position at the entrance of the complex, and Axil will join Huxtaburger, frozen yoghurt group Yo-Chi and and Venetian bar and restaurant Vaporetto within the building.
Axil is overseen by Dave Makin and partner Zoe. Originally opening on Burwood Road in Hawthorn, the renowned café has opened two sites in Melbourne’s CBD, on Flinders Lane and Southern Cross Lane, and at Chadstone shopping centre.
Like the CBD locations, the new site will have a focus on Axil’s renowned café offering.
“The strong rental rate achieved and high-quality operator secured for this space reflects the high regard Glenferrie Road, Hawthorn is held in,” James said.
He said the the space attracted enquiry from a number of hospitality operators looking to take advantage of the area’s huge growth prospects and strong catchment.
“Glenferrie Road has a distinctive offering that includes a number of national and established local traders and hospitality venues. It has a large day-to-day catchment underpinned by the affluent surrounding suburbs, the adjacent Hawthorn campus of renowned Swinburne University, and the prestigious schools nearby.
“Meanwhile, its Edwardian buildings still shape its strong character, further attracting young professionals to the sizeable medium and high-density development pipeline around the strip.”
An estimated 15,650 dwellings are forecast to be added to the suburb by 2041 and add to the high number of University and school students that shop and dine at the strip.
According to Fitzroys’ forthcoming Walk the Strip report, vacancies on Glenferrie Road have tightened from 7.9% to 6.3% over the past 12 months.
The Lido building opened as the Glenferrie Theatre in 1912 and was renamed Palais de Danse in 1927, before operating as the New Glen Picture Theatre until 1956. From 1960 it was used a dance school, pool hall and cabaret theatre until closure in the middle of last decade.
After 10 years sitting idle it was revitalised and reopened in June 2015, with the cinemas on the top floor, and food and beverage operators through the arcade and lower floor adding to the the strip’s unique offering.