Long-Term Deal Shows Confidence In Acland Street

Posted on 27th June 2022

A retail space in the absolute prime of St Kilda’s Acland Street has been leased on a long-term deal.

Fitzroys’ Tom Fisher negotiated the 7+7-year lease for the 252sqm space at 128 Acland Street to pilates and fitness studio FS8.

The light-filled, open-plan interior offers excellent natural light, exceptional signage rights, and exclusive amenities. It also has a tram stop at its door step and a public car park at the rear.

Fisher said FS8 was attracted to the versatile open-plan offering and the vibrant Acland Street village precinct.

“Lease terms as long as these are rare and demonstrate the confidence out there in the future of Acland Street and St Kilda,” Fisher said.

“The resumption of international travel offers Acland Street enormous upside in the post-COVID environment.”

Acland Street’s position close to St Kilda beach, Luna Park, and the Palais Theatre makes it a natural drawcard for event goers, visitors from across Melbourne, and interstate and overseas travellers and backpackers.

Fisher said St Kilda is also experiencing somewhat of a demographic shift, with house prices rising and Gurner’s sold-out, ultra-luxe Saint Moritz apartment project under construction on the former Novotel site, while the Victorian Pride Centre has opened on nearby Fitzroy Street, which will also welcome boutique hotels, again by Gurner on the former Cushion Lounge site, and Erdigroup’s QT on the Rydges site.

Meanwhile, The Esplanade and The Prince hotels have been refurbished and reopened, drawing more visitors to the area.

Its unique emphasis on outdoor dining - and integration with its side streets and Barkly Street - continues to attract a strong night-time crowd and the popular hospitality operators trade well, while the property is surrounded by a number of quality traders including Kookai, Readings, Oscar Oscar, Ghanda, and Globe.