News

Retailers Keen On South Yarra Prospects

Posted on 15th July 2020

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Fashion label Maatsuyker has secured a retail space in the prime section of Melbourne’s famous Chapel Street, South Yarra, after a busy campaign that demonstrated the lure of the strip to businesses.

Fitzroys Agency Executive Lewis Waddell negotiated the lease at 574 Chapel Street on behalf of a private long-term owner at $60,000 per annum plus outgoings and GST.

The 130sqm property is split into two levels of 65sqm each, and has a double garage at the rear with access from Forster Street.

Waddell said the property offered a high-quality ground floor fit-out that was ready to occupy.

He said the high-end men’s apparel brand is moving from Greville Street, Prahran, and took the opportunity to be close to the exciting Capitol Grand Precinct and other high-end brands, in the prime section of one of Melbourne’s most iconic shopping strips.

“Some tenants have been seeking opportunities to move and find space during COVID-19 restrictions, looking to utilise the time to search and secure new locations and new spaces, and undertake fit-outs.

The property is located just metres from major fashion labels including Country Road, Scanlon Theodore, Gant, SABA, Marimekko, DIDA, MJ Bale, Tony Bianco and Tigerlily.

“More than 60 enquiries were received, predominantly from fashion labels and retailers, demonstrating businesses still want to be a part of Chapel Street, South Yarra,” Waddell said.

“Businesses and operators are showing confidence in the prospects of Chapel Street, South Yarra. Growing pedestrian traffic through all hours will further enhance the immediate catchment.”

Waddell said Melburnians continue to embrace medium and high-density living and seek live and work in the same area, reflected by a new wave of commercial and residential supply anchored by the $1.25 billion Jam Factory precinct overhaul, the Capitol Grand tower, and the amenity and accessibility of Chapel Street, located close to South Yarra station and multiple tram routes.

Some 50,000sqm of new office space will be introduced at the Jam Factory in the coming years, as well as retail space and an upgrade of its hospitality offering and famed Hoyts cinema that will further enhance the vibrancy of the precinct.

Developments including 627 Chapel Street and Chapel Plaza at 402 Chapel Street will bring a further 30,000sqm of new offices to the South Yarra market, in addition to large-scale residential development in the Forest Hill precinct, and the Aloft Hotel projects.