Shop 1, Shop 3 and Shop 4 & 5, 111B Elation Boulevard, Doreen
A new mixed-use development in Melbourne’s north-east suburb of Doreen is now fully leased, with fitness studio F45, an expanding pizzeria and a new Indian restaurant venture looking to capitalise on heightened demand for hospitality and services retail in areas of concentrated population growth.
Fitzroys Agency Executive, Ervin Niyaz negotiated the respective off-market leases of Shop 1, Shop 3, and Shop 4 & 5, 111B Elation Boulevard on behalf of developer APD Projects, ahead of expected completion by July.
Full occupancy of the project follows Fitzroys’ successful leasing and sale campaigns of the APD Projects developments at 121 Elation Boulevard and 111A Elation Boulevard within the Whittlesea growth corridor.
F45 agreed to a 5+5-year term at $75,000 per annum net at the 300sqm corner space at Shop 1. The operator also owns the Mill Park F45 studio.
HK Hospitality Investments leased Shop 3 at $45,000 per annum net on a 10+5-year term, and will trade as Victoria’s Pizza & Beyond, adding to their Melton site and ahead of several other planned stores over the next 12 to 18 months.
Shops 4 and 5 were combined off-the-plan into one 160sqm space and has been leased to an Indian restaurant at $68,000 per annum net, also on a 10+5-year term. The directors of business own a pub in a neighbouring suburb, a local café and a restaurant in Melbourne’s inner east, and recognised the demand for a quality Indian restaurant, Niyaz said.
The new tenants will join a Run With Me gym within the retail component, which forms stage two of the development. It is positioned adjacent to the Riverstone Central Shopping Centre, a private car park, the Orchard Road YMCA Community & Early Learning Centre and soon-to-be-opened Ashley Park Primary School.
Niyaz said the fact that remaining spaces were taken by proven and popular operators displayed a strong vote of confidence in the growth suburb.
“Doreen has recently witnessed a surge in mixed-use and commercial projects to complement the steady stream of residential and infrastructure development that has seen the suburb’s population jump by around 130% throughout this decade.
“Residential developments across Melbourne are creating demand for service retailers and food and beverage operators, adding vibrancy to the local area and encouraging more visitors and trade.
“Demand has been strong for leasing in the area and these deals were completed before a public leasing campaign was required.”