Moonee Ponds’ reputation as the premier lifestyle hub of Melbourne’s inner north-west continues to grow, with another hospitality venue setting up in the fast-evolving area.
Fruition Pty Ltd, the operators of FI:KA in Hawthorn, are opening café and events space Feekah at 678-680 Mt Alexander Road, a high-profile, open-plan 250sqm building with a 15m frontage and existing kitchen fit-out and cool room.
Fitzroys Associate - Agency, Ervin Niyaz negotiated the long-term 7+7-year lease at 678-680 Mt Alexander Road at $80,000 per annum plus outgoings and GST with 3.5% increases on behalf of landlord Prospero Lisa Pty Ltd.
Niyaz said hospitality operators have dominated retail leasing enquiry throughout Melbourne’s shopping strips during COVID, as demand surged for takeaway and delivery services while Melburnians go through intermittent lockdowns. Some 50% of leases struck by Fitzroys along Melbourne’s retail strips in 2021 have been to food and beverage operators, well above the average food and beverage presence of 28.4% Melbourne-wide, according to Fitzroys’ new Walk the Strip report.
“Properties with kitchen infrastructure in place are in huge demand. They present a financially and logistically more efficient opportunity for tenants to quickly expand and establish themselves in new markets, and make funding more straightforward in a climate in which businesses need to be leaner and faster,” Niyaz said.
Progressive new bars and eateries are creating a millennial-driven hospitality scene in and around the area. Recently opened venues include The Mighty Moonee Ponds, just a few doors from Feekah, as well as while Ascot Food and Wine and Holmes Hall.
Niyaz said the long-term lease reflects the growth prospects of Moonee Ponds.
“Moonee Ponds is undergoing a generational population and development boom. The recent recent completion of hundreds of apartments in the immediate vicinity, and sizeable pipeline of projects in various stages of planning and construction will benefit the trade prospects of local businesses and venues.”
These include the Mason Square development on the 1.34-hectare former Moonee Ponds market site, the under-construction Penny Lane tower at 17 Puckle Street that will comprise apartments, retail, hospitality and a Palace Cinema, and the future $2 billion overhaul of the nearby Moonee Valley Racecourse that will include residential and commercial buildings, adding a further 2,000 dwellings.
The deal follows Niyaz negotiating several deals in the area:
- Renowned celebrity cosmetic surgeon Dr. Daniel Lanzer leased 94 Puckle Street
- The former Flight Centre outlet at 44 Puckle Street was leased to State of Grace Jewellery, and body shaping and wellbeing company Body Catalyst committed to 46 Puckle Street next door.
- The builders of Penny Lane, Harris HMC Construction Pty Ltd, leased 31 Puckle Street as a builders’ site office
- An astrology centre leased 6, 39 Puckle Street
- Hydra Skin Bar leased Shop 2, 533 Mount Alexander Road