High Street, Armadale Remains A Top Performer

Posted on 21st October 2022

High Street, Armadale has retained is place as one of Melbourne’s top-performing shopping strips, with tenants, owner-occupiers and investors all showing strong interest in the strip.

In the latest deal, Fitzroys’ Lewis Waddell has leased 1272 High Street, Armadale to brow bar Shaép, which is moving from a nearby location to take more space within the strip.

The 3+3-year term was struck at $75,000 per annum net.

Waddell said the tenant started in a smaller premises within the strip, bunched with a number of like-minded beauty and service retailers.

“Shaép has gone from strength-to-strength in High Street, which services one of Melbourne’s most affluent catchments, and the business has moved to a much-bigger premises as a result.

“This was an ideal chance to expand their presence in the strip.”

According to Fitzroys’ forthcoming Walk the Strip report, High Street, Armadale saw vacancies come down in 2022.

“High Street, Armadale has again shown it’s one of the top few shopping strips in Melbourne. It has enjoyed continually strong trading, and new developments are further activating the strip, which is attracting participants from all parts of the property market,” Waddell said.

The Shaép lease follows Fitzroys selling 1208 High Street, Armadale for $1.91 million, at a sharp 3.9% yield to private local investor who bought the property as an investment play, looking for long-term secure income from the lease to international tenant Melanie Grant, as well as 1082 High Street for $3.235 million to an investor at 2.16% who may occupy in the future. Both campaign received high levels of enquiries from investors confident in the strip’s prospects and owner-occupiers wanting to be part of one of Melbourne’s best shopping strips.