International chain Gotcha Tea has nabbed an Elizabeth Street retail space in Melbourne’s CBD in an off-market deal, as bubble tea operators look to take advantage of the huge demand for the changing demographics throughout the city.
Fitzroys Associate, Alex Shum negotiated the lease for the 50 sqm space at 59 Elizabeth Street, at $165,000 per annum net.
Gotcha Tea has over 300 locations worldwide with stores across Vietnam, Taiwan, China, USA and Australia. In Melbourne, they have locations in the CBD, below the Empire building in Elizabeth Street, The Glen Shopping Centre, Parkmore Shopping Centre, Footscray, Springvale, and have also recently been approved for a store in Melbourne Central.
Shum said the tenant was drawn to the property for the high foot traffic generated from close to the nearby busy entrance of Flinders Street Station and intersection of Collins Street, and they considered the Feng Shui of the location to be “perfect”.
He said the rise in international students throughout the Melbourne CBD is also proving a magnet for proven, high-profile offshore food and beverage brands across Asia.