Walk The Strip - Volume 8, 2025

WALK THE STRIP MELBOURNE RETAIL STRIP REPORT 2025

WE KNOW RETAIL. WE KNOW MELBOURNE.

CONTENTS 2

04

INTRODUCTION

08

bridge road richmond

10

church street brighton

12

clarendon street south melbourne

14

glenferrie road hawthorn

16

glen huntly road elsternwick

18

high street armadale

20

lygon street carlton

22

puckle street moonee ponds

24

swan street richmond

26

toorak road south yarra

28

other retail strips

30

connect with fitzroys

FITZROYS WALK THE STRIP | VOLUME 8, 2025

FITZROYS WALK THE STRIP | VOLUME 8, 2025

3

SECRETS OF A SUCCESSFUL SHOPPING STRIP Melbourne’s strips show tremendous resilience Key performance indicators for Melbourne’s famous shopping strips are emerging, as the strips move further through a period of renewal and demonstrate a tremendous resilience in the face of planning uncertainties and increased cost-of-living.

Vacancies along the shopping strips increased slightly over the past year, from a near-historic low 6.5% to 7.2% currently, according to Fitzroys latest Walk the Strip report, but remain below the longterm average vacancy rate of 7.3%.

The Fitzroys Walk the Strip report series has been running since 2017 and is the industry standard for data across Melbourne’s key shopping strips. This year’s edition details the vacancy rates and tenancy make-ups of 37 strips.

Fitzroys 2025 edition of Walk the Strip showed: •

A new set of key performance indicators are providing the secrets to a successful shopping strip.

•

Food and beverage continued to be the most prominent sector in terms of enquiry and leases, and was steady as a proportion of Melbourne’s strips at 30.9%.

•

Service retail reduced from 28.1% to 27.0%.

•

Specialty retail decreased slightly to 33.4%, while continuing to account for the highest proportion of Melbourne’s strips by sector.

•

The proportion of development sites more than doubled to 1.5% as the strips continued a period of renewal.

“Strips with an evenly balanced tenancy mix, with at least one major supermarket, combined with commercial or residential development activity, and solid transport accessibility are performing strongly,” “Among the best examples have been Puckle Street, Moonee Ponds and Glen Huntly Road, Elsternwick, which tick the boxes on each of these indicators, resulting in extremely low vacancy,”

4

FITZROYS WALK THE STRIP | VOLUME 8, 2025

“Strips with an even split between specialty retail, services, and food and beverage have been the standouts.

These strips offer a more comprehensive one-stop experience for shoppers, who can buy their groceries, meet for a coffee, visit the gym, get a haircut, and purchase a new fashion garment all in the same trip.”

As well as Puckle Street and Glen Huntly Road, other strong-performing strips over the past year with even tenancy mixes include Centre Road, Bentleigh; Clarendon Street, South Melbourne; Glenferrie Road, Hawthorn; Glenferrie Road, Malvern; Hampton Street, Hampton; High Street, Northcote; Toorak Road, South Yarra; and Whitehorse Road, Balwyn.

All but two of the above listed strips posted a vacancy rate below their own long-term average.

At least one major supermarket anchors nearly all these strips, Lockwood noted.

“Supermarkets are typically at the core of shopping strip activity – they’re where we get our essentials and are the most-visited offering on a strip, drawing shoppers from a wider catchment than other traders, but provide a profound spillover in activity.”

“Melbourne’s strips are demonstrating a tremendous resilience”

Centre Road, Bentleigh has been the best example of the pulling power of supermarkets. Its Coles, Woolworths and Aldi offering is home to the lowest vacancy rate in Melbourne, at just 1.0%.

Accessibility is increasingly a key indicator of strong performance.

“Having at least a train line or tram line nearby is very important as public transport usage in Melbourne continues its rebound , and good surrounding car parking is essential. People are simply more likely to visit a strip when getting there is hassle-free,” Lockwood said.

He said residential and commercial developments are boosting the immediate catchments of strips through all hours, tipping the sheer weight-of-numbers of visitors and combined spending power in favour of strips and their traders.

Resilience and renewal “In the face of planning uncertainties, and a cost-ofliving pressures, strip vacancies remain below their long-term average.

In the coming years there is the $3.75 billion transformation of The Jam Factory on Chapel Street, South Yarra into a mixed-use precinct with residential towers, offices, new retail, hospitality, and cinema complex, and 5-star and boutique hotels; meanwhile, multiple medium-rise residential, office and developments approved for Bridge Road, Richmond will give the strip a boost.

Puckle Street is the current poster child for the positive impacts of intensive development on a shopping strip. It is at the very heart of the current generational development and population boom in Moonee Ponds, with some 2,000 apartments in the surrounds to go with newly completed major residential developments such as Penny Lane, while the $2 billion overhaul of Moonee Valley Racecourse is underway and will ultimately add thousands more residents to the immediate catchment.

The post-COVID years have seen fundamental shifts in Melburnians’ lifestyles, which are supporting trade along the city’s shopping strips. Working from home has meant we are spending more time than ever in our shopping strips, which is offsetting the impact of costof-living challenges.

“Our shopping strips remain our favourite places to connect with the community. Melbourne gravitates towards its strips.”

Lockwood said Melbourne’s strips are continuing to evolve, with new developments on and around the strips reshaping them.

FITZROYS WALK THE STRIP | VOLUME 8, 2025

5

HOSPITALITY TENANTS AGAIN WERE MOST ACTIVE “The population surge around Puckle St has really supported businesses and offers excellent trade prospects. Tenants are looking to get into Puckle Street for the here and now, and for the long-term,” Over the longer-term, the Victorian government’s Activity Centres, around key tram, train, jobs and services hubs such as shopping strips, were progressively announced during the 2025 Walk the Strip reporting period . The Activity Centres aim to accommodate more than 300,000 new homes by 2051, as part of the state’s efforts to accommodate 1.8 million homes across metropolitan Melbourne by then.

“The Activity Centres planned by the Victorian government will provide a major boost for many of Melbourne’s strips over the longterm, enhancing their immediate catchment and promoting trade and activity,” “For now, however, there is a period of uncertainty and price rediscovery – many landlords are waiting for new planning amendments to be finalised, at which time landlords will be able to strategically review their holdings, before committing to new leases with new and existing tenants. This is particularly in light of the rising state government land tax imposts.

“This may have contributed to the modest rise in vacancies we’ve seen in strips such as Burke Road and Camberwell Junction, Bay Street in Brighton, High Street, Armadale, and Malvern Road, Hawksburn.”

Melbourne benefited from the largest population growth across the capitals according to the most recent data from the Australian Bureau of Statistics , and its percentage gain of 2.7% was second-highest and above the national average.

6

FITZROYS WALK THE STRIP | VOLUME 8, 2025

“Melbourne’s shopping strips offer some of the best lifestyle experiences and are attracting existing residents of the city and new arrivals to their proximity.

Development on and around the strips is accommodating a lot of this nation-leading population growth, and the Activity Centres initiative will further facilitate this over the coming years.”

New opportunities for new faces

“Many leases that were signed during COVID are now coming to an end. This is creating new opportunities for new faces to enter the retail landscape and make their mark on Melbourne,” “Rents have increased over this time, but not necessarily to a point at which they’re prohibitive for tenants. Tenants are still seeing opportunities in prime locations that traditionally would not have been available to them.

“In some cases, however, tenants are backing their modern-day marketing strategies – using social media platforms to promote their business, and taking up smaller or more peripheral spaces, rather than allocating extra capital to rents in the prime of a strip with the historical belief that foot traffic alone will drive more turnover.”

“Food operators took up smaller fitted-out spaces early in COVID as a capital- and time-effective means of opening up to new markets and catering to the surge in demand for meals either picked up by the customer or delivered via services such as Uber Eats, and this continues to support hospitality trade.

“Hospitality tenants are still noting demand in the market for quality products, and the importance of delivering the right products to the right audience by understanding location demographics and consumption patterns. They’re identifying market gaps for specific offerings, which remains a significant driving factor.”

Across each of the retail sectors, shops with fit-outs are typically the first to be taken by tenants. Cold shells are moving slower, reflecting elevated fit-out costs – which are often proving to be more prohibitive to tenants than rent levels.

“Wellness and fitness is a growing sector.

More gyms and yoga and Pilates studios are taking spaces in shopping strips, and are also gradually making their way into more prominent locations,” New titleholder Centre Road, Bentleigh has for the first time taken the title of the lowest vacancy rate in Melbourne, recording a rate of just 1.0%. Just behind was perennial titleholder Church Street, Brighton with 1.4%.

“Centre Road, Bentleigh is an excellent example of the pulling power of three supermarkets,” Lockwood said.

“This has kept it in good stead throughout the 2020s.”

“It also offers excellent accessibility by public transport and car, with plenty of parking available and the Victorian government’s level crossing removal program making the strip much easier to navigate.”

Like Centre Road, fellow Glen Eira strip Glen Huntly Road, Elsternwick has been a marked improver in recent years, benefiting from train, tram and car accessibility to go with several new high-density developments boosting the local population and driving pedestrian traffic and trade. Vacancies along the strip – which is home to a dynamic combination of national food and beverage retailers and vibrant local eateries – are just 3.4%, down from 5.4%.

But it was Puckle Street, Moonee Ponds that improved yet again to snatch a podium finish, coming in with a sharp vacancy rate of 2.4% as it benefited from the aforementioned development and population boom.

Puckle Street is supported by a triple supermarket offering of Woolworths, Coles and Aldi, Moonee Ponds Central shopping centre and Kmart, in addition to popular local retailers and eateries. Moonee Ponds is also home to a growing commercial market and workforce, which includes the Australian Taxation Office and Honda head office.

The location has excellent public transport linkages by train, tram and bus, and easy connectivity to major road arterials and ample parking, and is just seven kilometres north-west of Melbourne’s CBD.

“Residential activity, commercial activity, parking and public transport continue to be great indicator as to the prospects of a Melbourne shopping strip”.

Whitehorse Road, Balwyn again recorded a low vacancy rate, at 4.1%. Busy Hampton Street, Hampton increased, but at 4.4% was comfortably below its longterm average. High-performing High Street, Armadale – home to the highest prime shopping strip rents in Melbourne – was at 5.1%. Across the bustling innernorth hospitality and lifestyle strips, High Street, Northcote was at 5.6%, Smith Street, Collingwood was 5.4%, and Lygon Street, Brunswick East was 4.5%. Each of these have been bestowed honours from influential global publication Time Out in recent years, namely Coolest Street in the World (High Street and Smith Street ) and Coolest Neighbourhood in the World (Lygon Street as the heart of Brunswick East ). Swan Street, Richmond continued to capture the daytime crowds of the Cremorne and Richmond office boom and the nightlife, sports and events crowds, improving to 4.6%.

Chapel Street, South Yarra increased to 9.1% while fellow strip mainstay Lygon Street, Carlton similarly lifted to 9.2%, but both were comfortably below their long-term averages. Acland Street, St Kilda increased to 10.5%. Bridge Road, Richmond – effectively three individual strips – saw mixed results. The stretch from Punt Road to Lennox Street, dominated by the Epworth Hospital and medical tenants, saw vacancies balloon out to 18.7% (the highest of all strips); the middle stretch from Lennox Street to Church Street was one of the biggest improvers, down to a long-term low of 9.6%, and the eastern hospitality-heavy stretch, which has been the best-performing section historically, saw vacancies jump to 12.7%.

Camberwell Junction saw vacancies lift across the board for a combined increase to 10.8%. From the Junction to Camberwell train station, vacancies along Burke Road increased to 8.8%.

“Food and beverage has been prominent again – as has been the case since the beginning of COVID.”

FITZROYS WALK THE STRIP | VOLUME 8, 2025

7

BRIDGE ROAD Richmond

Bridge Road has evolved significantly, with shifting demographics and new development transforming the former factory outlet hub into three distinct and connected retail precincts, each offering its own distinct characteristics.

Bridge Road is now undoubtedly going through a period of renewal, with multiple residential, office and hotel developments on the immediacy of the strip approved, and more moving through the planning process which will serve to support trade in the coming years. Around Punt Road to Lennox Street, more office supply is mooted, to add to the medical hub surrounding Epworth Hospital, while from Church Street east to the Yarra River there is more residential supply in response to Richmond’s lifestyle appeal.

2024 to become the city’s most improved strip in 2025. The development Included a new Coles and Liquorland, and a range of food offerings and service retailers, creating a new focal point for the strip. The evolution of the Epworth Hospital at the city end has been a draw card for gyms, allied health and skin clinics to establish themselves; and while vacancy levels remain elevated, this presents significant opportunity for new tenants to capitalise on a highly visible and evolving precinct.

The east end, between Church Street and Burnley Street, has become the prime trading section of Bridge Road home to a strong concentration of hospitality and bulky goods operators, although this part also saw vacancies increase in the past year.

Supported by the Richmond Traders development, Bridge Road’s middle section – running between Lennox Street and Church Street – has gone from recording the highest vacancies in Melbourne in

INSIGHT

vacancy 2024-25 8

2.4%

FITZROYS WALK THE STRIP | VOLUME 8, 2025

Bridge Road, Richmond vacancies rose to 13.4% in 2025, still indicating a positive downward trend since 2021 in this evolving retail precinct.

tenancy mix 2021

28%

2022

33%

2023

27%

2024

32%

2025

28%

26%

23%

3.4%

Segment

17%

Service 21%

27%

6.6%

11%

26%

2%

15%

28% 28%

27%

27%

Specialty Food & Beverage Development

1.2% 11%

25%

4.4%

VACANCY RATES

Vacant

13%

notable tenants:

17.8% 15.8% 13.4% 11%

11.2% 2021

2022

2023

2024

2025

NOTABLE TRANSACTIONS Address

Tenant

Price

521 Bridge Road, Richmond

The Pharmacy Common

$3,180,000

509 Bridge Road, Richmond

Vacant Possession

$3,300,000

296 Bridge Road, Richmond

Vacant Possession

$1,595,000

242 Bridge Road, Richmond

Vacant Possession

$3,150,000

BOUZY ROUGE

developments/changes in strip Address

Developer

Architect

Expected Completion Type of Build

487-485 Bridge Road, Richmond

Kokoda Property Group Kokoda Architecture

609 Bridge Road, Richmond

Volume Projects

23-29 Bridge Road, Richmond

Frankie 4

Yet to Commence

Mixed Use

Lara & KHID

Yet to Commence

Residential

Pitch Architecture &

Yet to Commence

Permit for 6 levels

Unknown

Permit for 7 levels office

& Studio McCue

Fiona Lynch 129-135 Bridge Road, Richmond 300-304 Bridge Road, Richmond

HLL Development

373-375 Bridge Road, Richmond

Larrafore Nominees

Skematics

Pty Ltd

Architecture

BG Estates

Davey Architecture

393-395 Bridge Road, Richmond

Unknown

Residential Hotel

Sept 2025

Permit for 8 levels office

Unknown

Permit for 8 levels office

FITZROYS WALK THE STRIP | VOLUME 8, 2025

9

CHURCH STREET BRIGHTON

Church Street is the perennial titleholder of Melbourne – and arguably Australia’s – strongestperforming shopping strip. In a rare occurrence, the powerful Brighton strip ranked second rather than first for lowest vacancy rate; however, it still returned a rate of just 1.4% while continuing to command among the highest rents in Melbourne.

Long queues of retailers constantly jostle to find a home in Church Street: it services one of Melbourne’s most established and most affluent catchments, home to some of Melbourne’s most expensive house prices and sought-after schools, while the strip’s relatively limited size makes it all the more exclusive.

In a statement play reflecting the spending power of the strip, high-end menswear retailer Rodd & Gunn made its Melbourne shopping strip debut on Church Street, while The Athlete’s Foot opened a new flagship on the prominent Carpenter Street corner.

Eyeware retailers OPSM and Bailey Nelson opened new shops, increasing the representation of service retailers.

They combine for an attractive offering alongside the popular Palace Cinemas complex at the Dendy, a host of national retailers and food and beverage eateries plus a full line Woolworths supermarket.

The catchment supports one of the highest proportions of specialty retail in Melbourne, led by high-end names Salt Clothing, Assembly Label, Elka Collective, Carla Zampatti, Flannel, Trenery, Witchery and Silvermaple.

INSIGHT

vacancy 2024-25 10

0.7%

FITZROYS WALK THE STRIP | VOLUME 8, 2025

Church Street, Brighton: Exceptionally low vacancy rate at 1.4%; high-end retail destination with premium rents.

tenancy mix 2021

20%

57%

0.7% 0.7%

20%

2022

20%

53%

0.7%

25%

Segment Service

2023

17%

2024

15%

62%

0.7%

21%

2025

16%

58%

1% 0.7%

23%

46%

1% 1%

VACANCY RATES 0.7%

2021

2022

34%

Food & Beverage Development Vacant

notable tenants: 1.4%

1.1% 0.7%

Specialty

0.7%

2023

2024

2025

NOTABLE TRANSACTIONS Address

Tenant

Price

48 Church Street, Brighton

Bed Bath N Table

$4,275,000

36 Church Street, Brighton

Vacant Possession

$3,355,000

60 Church Street, Brighton

Gazman

$4,710,000

developments/changes in strip Address

Developer

Architect

Expected Completion Type of Build

171 Church Street, Brighton

BPM Corp

Rob Mills Architects

Completed

40 residential apartments

FITZROYS WALK THE STRIP | VOLUME 8, 2025

11

CLARENDON STREET SOUTH MELBOURNE

Clarendon Street, South Melbourne is at the heart of one of Melbourne’s oldest neighbourhoods, which is today home to a fast-growing, in-demand office market and has a front-row seat to the Fishermans Bend boom, putting South Melbourne in the frame to become the next Cremorne.

Flexible working arrangements have spurred more Melburnians to live, work and play in accessible inner-city locations with quality lifestyle amenity.

The Clarendon Street precinct provides an evenlybalanced tenancy mix Including Coles, Woolworths, Dan Murphy’s, Vintage Cellars, Bed Bath N’ Table, Hector’s Deli, Betty’s Burgers, national F&B operators Grill’d, Oporto, Nandos, Zues Street Greek, Hunky Dory, San Churro plus all major banks, a plethora of pubs and a number of popular local operators, and is complemented by retail activity along adjoining Coventry Street and York Street through to South Melbourne Central and the famous South Melbourne Market.

INSIGHT

vacancy 2024-25 12

0.1%

FITZROYS WALK THE STRIP | VOLUME 8, 2025

This combined offering has sparked a commercial and residential development boom in the surrounds, with construction currently underway on projects including Hacer’s 162-180 Clarendon Street and 182200 Clarendon by Lowe Living.

This is all before taking into account the development in neighbouring Southbank, as well as the adjacent Fisherman’s Bend precinct, earmarked by the Victorian government as a development-intensive urban renewal area that is forecast to accommodate 80,000 residents and 80,000 jobs by 2050 .

Vacancies along Clarendon Street tightened over the past year, with an increase in both food and beverage and shops being set aside for development. New hospitality operators include Alonso’s Donuts, Chinese restaurant Kopo Cuisine, Japanese and Korean fusion eatery Moon Mart, healthy fast food slingers Fishbowl, and Starry Hong Kong Café.

Clarendon Street, South Melbourne maintains a stable 6.3% vacancy rate in 2025 from 6.4% in 2024, reflecting its status as Melbourne’s premier cultural and lifestyle hub.

tenancy mix 2021

27%

27%

2022

28%

29%

2023

39%

2024

36%

2025

28%

28%

1%

Segment

14%

Service

14.3%

31% 22% 23%

27%

5%

5%

29%

0.9% 7%

33%

6%

35%

2% 6%

VACANCY RATES

Specialty Food & Beverage Development Vacant

notable tenants:

7.8% 6.4%

6.3%

2024

2025

5.3%

2021

2022

2023

NOTABLE TRANSACTIONS Address

Tenant

Price

279-281 Clarendon Street & 24

ANZ

$6,550,000

Vacant Possession

$2,130,000

303 Clarendon Street, South

Grays Affordable Quality

$1,800,000

Melbourne

Projects

288 Clarendon Street, South

Vacant Possession

Bank Place, South Melbourne 421-423 Clarendon Street, South Melbourne

$1,320,000

Melbourne

developments/changes in strip Address

Developer

Architect

Expected Completion Type of Build

Emerald Place

Lowe Living & ICON

Woods Bagot & Acre

Early 2026

182-200 Clarendon Street,

building with 36

South Melbourne Corner of Clarendon Street and Bank Place, South Melbourne

Six level residential apartments

She Built

Agius Scorpo

Completed late 2024

Integration of heritage building and addition of new office

FITZROYS WALK THE STRIP | VOLUME 8, 2025

13

GLENFERRIE ROAD HAWTHORN

Glenferrie Road, Hawthorn has emerged as a foodie hub in recent years. The eateries, restaurants and takeaway places cater to students of Swinburne University, the surrounding schools and a growing local office market, accounting for one of the highest proportion of hospitality tenants across any of Melbourne’s strips – while continuing to keep vacancies well below the long-term average.

Hospitality operators recently joining the strip have included Italian eateries Pastagogo and Pasta Prego, Basque cheesecakes specialists BetterBurnt, St George Greek Eatery, sandwich shop Between Two Slices, Wabi Sushi, and Gong Cha bubble tea.

Lido Cinemas remains a major attraction of the strip, benefiting from the rear car park and hospitality mix on its ground floor that is home to Vaporetto, Cookie Box, and Yo-Chi. Glenferrie Road also has a strongtrading set of specialty food retailers include boutique grocer The Leaf Store, Haigh’s Chocolates, and Glenferrie Gourmet Meats, as well as a Coles Local.

INSIGHT

vacancy 2024-25 14

0.3%

FITZROYS WALK THE STRIP | VOLUME 8, 2025

Heightened residential and commercial development activity on and around the strip has further spurred activity. McMullin is planning to replace the former Westpac building at 655 Glenferrie Road with a fivelevel office project , while Outline Projects has just lodged plans for 41 apartments and several retail spaces at 846-858 Glenferrie Road.

Boroondara Council in recent years adopted the Glenferrie Place Plan , which proposes a number of initiatives to improve the strip, including streetscape renewal, transforming a council car park into a new “Glenferrie Mews” with business and education opportunities, and creating a cultural quarter around Hawthorn Arts Centre and Hawthorn Library.

From 6.3% in 2024, Glenferrie Road’s vacancy rate rose slightly to 6.6% in 2025, reflecting a subtle market adjustment in this established retail precinct.

tenancy mix 2021

23%

41%

2022

22%

22%

44%

3%

2023

21%

23%

45%

3% 7%

Food & Beverage

2024

22%

27%

42%

0.5% 6%

Development

2025

Segment

21%

22%

27%

42%

0.5% 6%

2%

12%

Service

VACANCY RATES

8%

Specialty

Vacant

notable tenants:

12.8%

7.9%

2021

2022

6.2%

6.3%

2023

2024

6.6%

2025

NOTABLE TRANSACTIONS Address

Tenant

Price

646 Glenferrie Road, Hawthorn

Via Porta Bakehouse

$2,660,000

706 Glenferrie Road, Hawthorn

Breadtop

$3,060,000

769E Glenferrie Road, Hawthorn

Rolla’s Jeans Outlet

$1,234,000

816 Glenferrie Road, Hawthorn

Vacant Possession

$3,681,000

developments/changes in strip Address

Developer

Architect

Expected Completion Type of Build

846-858 Glenferrie Road,

Outline Projects

Woods Bagot

UD

Hawthorn 655 Glenferrie Road, Hawthorn

41 Residential apartments

McMullin

Gray Puksand

UD

5 Level office and retail project

FITZROYS WALK THE STRIP | VOLUME 8, 2025

15

GLEN HUNTLY ROAD ELSTERNWICK

A dynamic mix of food, fashion and services has seen Glen Huntly Road, Elsternwick become one of Melbourne’s most vibrant shopping strips. In a show of its strength, vacancies have decreased in the past year to 3.4%, among the lowest in Melbourne.

An uptake in specialty retail has been powering the strip, headed by women’s fashion brand Cable, while joining the well-rounded hospitality offering were sandwich slingers Saul’s, Chargrill Charlie’s, Ô My Crêpe, and Acai Affair. New entrants also included Pilates studio Upstate and beauty clinic D’AMARI Aesthetx.

A residential project on the former ABC studios site on Selwyn Street has been given the green light, and will bring 148 apartments across 11 and 10-storey towers and a new Woolworths supermarket to the area, while developers Milieu and Besen are set to redevelop another former ABC site nearby on Gordon Street. These will follow on from the recently completed mixed-use developments EVA, which brought new retail space and 101 apartments to the strip, and The Huntly, which added retail, office, and 22 apartments.

The strip draws constant foot traffic from an established and growing catchment, with both the Victorian Government and Glen Eira Council planning for further medium and high-density development around Glen Huntly Road.

INSIGHT

vacancy 2024-25 16

2.0%

FITZROYS WALK THE STRIP | VOLUME 8, 2025

Glen Huntly Roads’s vacancy has dropped drastically since 2021 and continues its downward trend to 3.4% in 2025, showcasing a remarkable retail resurgence.

tenancy mix 2021

26%

37%

2022

26%

30%

27%

2% 6%

Segment Service

37%

2023

33%

2024

29%

32%

2025

28%

35%

2% 3%

33%

28% 33%

3% 2% 5%

32%

3%

Specialty Food & Beverage Development Vacant

VACANCY RATES notable tenants:

6.4% 5.4%

3.7%

3.4%

2% 2021

2022

2023

2024

2025

NOTABLE TRANSACTIONS Address

Tenant

Price

440 Glen Huntly Road, Elsternwick Barbers of Elsternwick

$810,000

430 Glen Huntly Road, Elsternwick Perfect Gifts & Homewares

$1,450,000

395 Glen Huntly Road, Elsternwick Urban Soul

$1,370,000

422 Glen Huntly Road, Elsternwick Westpac

$4,750,000

developments/changes in strip Address

Developer

Architect

Expected Completion Type of Build

10-16 Selwyn Street,

Pace

FK

Planning Approved

Elsternwick

Two 10-storey mixed-use towers

FITZROYS WALK THE STRIP | VOLUME 8, 2025

17

HIGH STREET ARMADALE

High Street, Armadale has built a case for the title of “Melbourne’s best shopping strip”, retaining low vacancy for another year and commanding the most expensive retail rents in Melbourne.

High Street services a broad, established and wealthy demographic base and has secured a premium collection including Scanlan Theodore, Cos, Zimmermann, Camilla and Marc, Dissh, Viktoria & Woods, Bassike, and Rebecca Vallance. The catchment’s spending power supports a specialty retail proportion of nearly 66% – the highest in Melbourne, growing further in the past year with the entrances of Nude Lucy, P. Johnson and Elka Collective.

High Street has emerged as a leading example of the transformation occurring across Melbourne’s shopping strips, driven by significant development activity. Recent years have seen vacancy rates reduce in line with an uplift in new projects, delivering both residential apartments and additional retail offerings directly to the strip.

INSIGHT

vacancy 2024-25 18

2.8%

FITZROYS WALK THE STRIP | VOLUME 8, 2025

This continued investment has strengthened the precinct’s position, supported by a high-spending local catchment that underpins strong trading performance. The Alara project at 953-967 High Street added new apartments and created a new foodie hub – home to famous Sydney butcher Victor Churchill, as well as popular bakery Ned’s Bake & Bistro and Japanese salad purveyor Fishbowl. Book ending the strip, Moda’s 835 High Street development delivered worldfamous Lune Croissanterie and boutique grocers The Leaf Store. Heirloom Armadale at 1187 High Street will bring 30 residences, and H.Co Property’s 935-959 High Street project will deliver 26 apartments above commercial buildings, and some 1,000sqm of new office space and ground floor retail has been mooted for 1147-1151 High Street.

High Street vacancies in Armadale lifted from 2.3% to 5.1% signalling a slight market adjustment.

tenancy mix 2021

26%

2022

21%

2023

25%

2024

20%

2025

14%

50%

11%

2%

9%

Segment Service

9.1%

59%

13%

57% 61% 65%

2021

2022

Specialty

12%

3% 2%

Food & Beverage

14%

1% 2%

Development

13%

0.9% 5%

VACANCY RATES 5.1%

0.9% 5%

Vacant

notable tenants:

5.1%

2.3%

2.3%

2023

2024

2025

NOTABLE TRANSACTIONS Address

Tenant

Price

1097-1111 High Street, Armadale

Marshall White, Chemist

$27,800,000

Warehouse, Purebaby & Institchu 1216-1230 High Street, Armadale

Shakez, Who Boutique, Goodlife,

$25,000,000

Tom Nails & Stuff’d 1047-1051 High Street, Armadale

MP Jewellery, onepointsevenfour, $11,405,000 Dior & Amar Skin

1128 High Street, Armadale

Hommey

$2,300,000

developments/changes in strip Address

Developer

Architect

Expected Completion Type of Build

Heirloom - 1187 High Street,

Urban DC

Woods Bagot

Late 2025

Armadale

building

The Carlile - 929-933 High Street, Hewson & Cobild

Bayley Ward

2025

Nine storey residential

Bruce Henderson

2027

Mid-rise residential

Telha Clarke

Unknown

Five-storey mixed-use

Armadale Amara - 969-975 High Street,

Six-storey residential

apartments Creative Property

Armadale

Developments

1147-1151 High Street, Armadale

Helant Pty Ltd

building building

FITZROYS WALK THE STRIP | VOLUME 8, 2025

19

LYGON STREET CARLTON

The strong resurgence in Melburnians dining out and socialising has revitalised Lygon Street, Carlton, with activity levels once again thriving. Vacancy rates along the city’s most renowned dining strip have remained below the long-term average for a further year. At 60%, Lygon Street’s proportion of hospitality tenants is the highest of any strip. Traditionally Melbourne’s “Little Italy” – home to staples such as Donnini’s, Tiamo, Scopri and Da Guido La Pasta – there is an increasingly diverse range of offerings.

Among the latest entrants are Mexican restaurant Street Taste, Indonesian eatery Waroeng SS Spesial Sambal, Malaysian restaurant Warong Mummy, and Japanese-inspired healthy fast food brand Fishbowl.

Already home to rooftop bar Johnny’s Green Room, this will breathe new life into the heart of the strip, and further promote all-hours trade along with bars such as Heartattack and Vine, and the popular Cinema Nova complex.

The rapid transformation of Carlton in accommodating student and residential apartment developments is further supporting trade. In addition, Lygon Street has excellent tram and bus connections and plentiful public car park options, and the brand-new Parkville Station will soon open within walking distance as part of the Melbourne Metro Tunnel project.

Meanwhile, the landmark King and Godfree building at the prominent corner of Lygon and Faraday streets is undergoing another rebirth, with the iconic deli, wine store, café and restaurant Agostino under renovation.

INSIGHT

vacancy 2024-25 20

1.7%

FITZROYS WALK THE STRIP | VOLUME 8, 2025

Lygon Street, Carlton vacancies rose to 9.2% in 2025, indicating tightening consumer budgets, and shifts in foot traffic patterns.

tenancy mix 2021

8%

24%

2022

7%

19%

2023

7%

28%

2024

10%

2025

8%

45%

1%

Segment

20%

Service

20%

57%

4% 57%

24% 21%

11%

58% 60%

1%

VACANCY RATES

Specialty

6%

Food & Beverage

7%

Development

9%

Vacant

notable tenants:

11.5% 9.2%

2021

2022

6%

7.5%

2023

2024

2025

DONNINI’S

NOTABLE TRANSACTIONS Address

Tenant

Price

279-281 Lygon Street, Carlton

Lygon Street Tobacconist

$1,678,000

252 Lygon Street, Carlton

Milestone English Academy

$2,600,000

298 Lygon Street, Carlton

Carlton Yacht Club

$1,255,000

300 Lygon Street, Carlton

Vacant Possession

$1,100,000

223 Lygon Street, Carlton

Vacant Possession

$1,662,769

developments/changes in strip Address

Developer

Architect

Expected Completion Type of Build

186-190 Lygon Street, Carlton

Madison Quay

Warren and Mahoney

Unknown

Six-storey office building with ground level retail

FITZROYS WALK THE STRIP | VOLUME 8, 2025

21

PUCKLE STREET MOONEE PONDS

Positioned at the heart of Moonee Ponds’ generational populational and development boom, Puckle Street is the major lifestyle hub of the inner northwest, and continued to see vacancies tighten to remain one of the strongest retail strips in metropolitan Melbourne.

Puckle Street’s healthy tenancy mix complements the retail offering around the strip that includes Moonee Ponds Central with a Coles, Woolworths and Aldi supermarkets plus Kmart, as well as service retailers and allied health clinics, to go with a millennialdriven nightlife scene along the Mount Alexander Road extension.

Food and beverage was the key driver of vacancies tightening over the past year, led by the introduction of fast-expanding Mexican food chains Guzman Y Gomez and Royals Stacks at the base of the Penny Lane development, which has introduced 114 apartments, a Palace Cinema, and a Brunetti Classico to Moonee Ponds.

INSIGHT

vacancy 2024-25 22

0.7%

FITZROYS WALK THE STRIP | VOLUME 8, 2025

Puckle Street is perhaps the best current example of the transformative impact of development on a Melbourne shopping strip: Penny Lane follows on from the Mason Square tower on the 1.34-hectare former Moonee Ponds market site and a bevy of medium- and high-density projects that have taken the local apartment tally to around 2,000.

Meanwhile, the first residents have started moving into the $2 billion Moonee Valley Racecourse transformation, which will deliver another 2,000 dwellings as well as commercial space, a new race track, grandstand and events spaces that will enhance its international standing and put an emphasis on night racing, further activating the local hospitality scene.

Vacancies in Puckle Street dropped slightly from 3.1% in 2024 to 2.4% in 2025, continuing a solid downward trend in this prevalent retail district.

tenancy mix 2021

32%

40%

16%

5% 4%

2022

33%

40%

19%

3% 3%

18%

2% 3% 3%

Segment Service

2023

30%

2024

35%

40%

20%

2025

35%

39%

22%

44%

1%

2%

Specialty Food & Beverage Development Vacant

VACANCY RATES notable tenants: 4.6% 3.9% 3.2%

3.1% 2.4%

2021

2022

2023

2024

2025

NOTABLE TRANSACTIONS Address

Tenant

Price

54 Puckle Street, Moonee Ponds

Ferguson Plarre

$2,010,000

116 Puckle Street, Moonee Ponds

ResMed

$2,630,000

60 Puckle Streeet

Makardi Salon

$1,787,000

developments/changes in strip Address

Developer

Architect

Expected Completion Type of Build

Phillips Arcade

Astute Developers

Interlandi Mantesso

10-storey mixed use development approved

FITZROYS WALK THE STRIP | VOLUME 8, 2025

23

SWAN STREET RICHMOND

By day, Swan Street buzzes with the worker population of the booming Cremorne and Richmond office markets frequenting its cafés and eateries. By night, sports fans, concert-goers and crowds from across Melbourne pack its restaurants, bars, pubs and clubs.

Service retailers were notably active in the past year as barber Vue Studio, Richmond Hair Rescue and clinic Budding Wellness opened their doors, while wine bar and pub Nixie Nox and paint-and-sip experience Fine Folie were also among the new additions.

The latter join a bustling hospitality offering that includes live music favourite The Corner, pre-game mainstays Bar 9T4 and Richmond Club Hotel, as well as restaurants New Quarter, Tartine, Attria Wine and Fargo and Co. Coles Supermarket anchors the broader offering, dotted with popular cafés and a host of national retailers.

INSIGHT

vacancy 2024-25 24

2.6%

FITZROYS WALK THE STRIP | VOLUME 8, 2025

Cremorne and Richmond have been in the throes of a development boom that has seen the surrounds become Melbourne’s version of Silicone Valley.

More development is on the way – Bayley Stuart’s 101 Cremorne Street project has been approved for nearly 11,000sqm of A-grade space and new retail tenancies; Alfasi Property has received approval for its $600 million redevelopment of the Bryant and May industrial complex, which will deliver new buildings of up to 13 storeys accommodating office, hospitality spaces and a 198-room hotel. Salta and Zagame Group have been given the green light for a 17,000sqm commercial building at 475 Church Street, and Salta is also planning an 8,600sqm eight-level office and retail building at 122-128 Dover Street, Cremorne.

From 7.2% in 2024, Swan Street Richmond’s vacancy rate decreased to 4.6% in 2025, marking a significant improvement.

tenancy mix 2021

18%

2022

20%

2023

15%

2024

16%

2025

19%

23%

52%

6%

Segment Service

17%

54%

3% 3%

Specialty

22%

53%

2% 6%

Food & Beverage

22%

51%

1% 7%

Development

55%

4%

20%

Vacant

VACANCY RATES notable tenants:

7.2% 6%

6.4%

4.6% 3.5% 2021

2022

2023

2024

2025

NOTABLE TRANSACTIONS Address

Tenant

Price

268 Swan Street, Richmond

Vacant Possession

$1,100,000

111-113 Swan Street, Richmond

BODA Hair Boutique

$2,400,000

358-360 Swan Street, Richmond

Vacant Possession

$4,633,475

214-216 Swan Street, Richmond

Fargo & Co

$10,700,000

331-334 Swan Street, Richmond

Vacant Possession

$1,475,000

developments/changes in strip Address

Developer

Architect

Expected Completion Type of Build

Swan House - 439-443 Swan

Cadre

Bruce Henderson

Late 2025

Street, Richmond 291-295 Swan Street, Richmond

Seven-storey residential building

In Planning

Seven-storey mid-rise Development

FITZROYS WALK THE STRIP | VOLUME 8, 2025

25

TOORAK ROAD SOUTH YARRA

Spurred by the intensive development of neighbouring Forrest Hill, Toorak Road, South Yarra has transformed into a varied lifestyle offering, featuring popular high-end hospitality venues such as France Soir, Token and Da Noi, plus specialty retailers including Mecca, and an abundance of service operators.

Toorak Road, South Yarra has consistently maintained single-digit vacancy rates, with this year’s rate tightening further to 5.7%. That came on the back of an increase in services retailers moving in, including wellness centre The Wellness Clinics and massage and sauna Newleaf Spa, as well as new hospitality venues Mr L’s Bar and Restaurant, Gracie’s Wine Room, Vietnamese restaurant Saigon Today, Athenian street food eatery Kolonaki, salads, juices and smoothies slingers Jivit Maars, and Iceberg Bubble Tea & Fast Food.

INSIGHT

vacancy 2024-25 26

1.4%

FITZROYS WALK THE STRIP | VOLUME 8, 2025

Further renewal through South Yarra is in store that is expected to have a positive impact on the fortunes of Toorak Road. Oreana Group is planning a $250 million Fender Katsalidis-designed redevelopment of South Yarra Square and a neighbouring row of shops, which will deliver 13 levels of offices, new retail offerings, restaurant, café and bar, while V-Leader’s $100 million, 12-storey retail and office development at the Hotel Claremont site is nearing completion.

Meanwhile, around the corner is Gurner and Qualitas’s $3.75 billion redevelopment of The Jam Factory, which will deliver 20,000sqm of new retail, commercial and office space, 800 residences, two hotels, and an upgrade to the existing Village Cinemas complex.

Toorak Roads vacancy decreased modestly from 6.3% in 2024 to 5.7% in 2025 suggesting a continued improvement for this stylish Melbourne strip.

tenancy mix 2021

32%

2022

28%

2023

31%

2024

26%

2025

30%

23%

33%

0.5% 10%

33%

3%

Segment Service

26% 28% 32% 28%

7%

Specialty

33%

1% 5%

Food & Beverage

33%

1% 6%

Development

34%

0.9% 5%

VACANCY RATES

Vacant

notable tenants:

10.1%

7% 5.6% 2021

2022

2023

6.3%

5.7%

2024

2025

NOTABLE TRANSACTIONS Address

Tenant

Price

330 Toorak Road, South Yarra

Ceylon Aroma Grand

$1,200,000

63 Toorak Road, South Yarra

Anteus Flowers

$900,000

80 Toorak Road, South Yarra

Avoca Hill Bookstore

$2,000,000

developments/changes in strip Address

Developer

Architect

Expected Completion Type of Build

South Yarra Square - 177 Toorak

Oreana Property Group

FK Design

2028

16-storey luxury hotel

199 Toorak Road, South Yarra

Zig Inge Group

Rothelowman

Unknown

Mixed-use office

189 Toorak Road, South Yarra

V-Leader

Skidmore

Completed 2025

11-storey office

Road, South Yarra building building

FITZROYS WALK THE STRIP | VOLUME 8, 2025

27

HIGHLIGHTS: BEYOND THE RETAIL PRECINCT acland street, st kilda

camberwell junction

Vacancies remained below the long-term average again in one

One of Melbourne’s more established and renowned shopping

of Melbourne’s most dynamic precincts. Known for its cafés,

precincts, Burke Road and Camberwell Junction are tipped

cake shops, restaurants and nightlife, Acland Street continues

to benefit from local and state government plans for ongoing

to perform well, particularly after 6pm. Wine bar Dawn & Ma-

medium and high-density residential development in the im-

bel’s is amongst the newer after-hours offerings. Service retail

mediate surrounds, as well as from growing inner-east office

increased with the introduction of phone, laptop and tablet re-

market. Food and beverage increased over the past year with

pairers UVTech, and specialties were represented by The Outlet

the introduction of Japanese and Korean restaurant Shuu, acai

and Instore Clothing.

bowl slingers Lovabowl and Yummy Banh Mi on Burke Road,

bay street, Brighton Once viewed as a “poor cousin” to nearby powerhouse Church Street, Bay Street, Brighton has developed a quality retail

while adventurous bakery Toast House and café The Finest Brew opened on Riversdale Road, alongside organic grocers Camberwell Wholefoods.

mix of its own, underpinned by one of Melbourne’s strongest

carlisle street, balaclava

service retail offerings. It again recorded single-digit vacancies

Vacancies along Carlisle Street, Balaclava remained stable

as pamper party venue Studio Royale and dining and wine bar establishment 81 Bay & Baix moved in. The broader hospitality offering feeds off Hotel Brighton, which can lay claim to be Bayside’s number one pub.

brunswick street, fitzroy

over the past year, once again sitting below both the citywide benchmark and the precinct’s long-term average. As its cosmopolitan offering continues to draw visitors from a local catchment and the surrounding southside suburbs. The rich and varied hospitality line-up includes local institution Glick’s Bakery, credited with bringing bagels to Melbourne, and one

Vacancies along the inner-north hospitality and lifestyle

of the city’s first hole-in-the-wall cafès, Wall Two 80, through

strip continue to outperform the Melbourne market average.

to a suite of trendy restaurants and nightspots, coffee shops,

Brunswick Street has one of the highest proportions of food and

and traditional bakeries. At 40% of the retail make-up, the food

beverage operators, added to recently by Japanese eateries

and beverage proportion is one of the highest of any strip in

Kushiro Fusion Cuisine and Ramen Ako’s, Benny’s American

Melbourne, and is at a long-term high for the strip.

Burger, Thai eatery PrikThai, and global gelato servers Good Daze Canteen. Adding to the vibrant specialty retail offering were pre-loved fashion shop Let’s Take Two, and arts, handcrafted goods and jewellery shop Del Be Del.

28

FITZROYS WALK THE STRIP | VOLUME 8, 2025

centre road, bentleigh

douglas street, williamstown

A standout strip since 2020, Centre Road has, for the first

Part of Williamstown’s multi-pronged strip offering, Douglas

time, claimed Melbourne’s lowest vacancy rate, recording an

Parade is home to the highest proportion of service retailers

exceptional 1.0%. The strip continued to prove the power of a

in Melbourne. Vision Radiology added to the sub-sector’s

triple supermarket offering, plentiful car parking, and enhanced

representation, while Vietnamese eateries pair Yummy Yummy

accessibility via the state government’s level crossing removal

Banh Mi & Pho and Friends of Pho opened their doors. The strip

project and the effect this has on retail performance. Coles,

was one of the bigger improvers over the past year, with all sub-

Woolworths and Aldi supermarkets, together with a broad

sectors increasing in representation to help the vacancy come

offering of fashion, services, fresh food, café culture and eater-

down to 6.1%.

ies gives Centre Road one of the more evenly-balanced retail tenancy mixes in Melbourne, which draws shoppers from a

ferguson street, williamstown

large catchment. Take-up has more recently been driven by the

Vacancies along Williamstown’s more balanced retail offering

services sector: a suite of fitness studios have opened including

have historically been quite low, and came in this year at 5.4%,

Orana Pilates and Wellness, Inner State Melbourne and M Stan-

again clearly below the Melbourne-wide average. Elephant Café

dard Pilates, to go with mobile and laptop repair centre iTech

opened, while service and specialty increased with gift shop The

Care. Indian grocery Quality Bazaar was another addition.

Presentation Place moving in.

chapel street, south yarra

fitzroy street, st kilda

Famous Chapel Street, South Yarra is often cited as a bellwether

Despite a perception among some of being a challenged

for shifts in Melbourne’s shopping strip landscape – reflected in

strip,Fitzroy Street, St Kilda’s vacancy rates actually remained

heightened vacancies during COVID, into a sensational rebound

in single-digit territory for another year, and a $100-million plus

in line with surging development and greater synergy between

pipeline of developments is in the works which will add to the

landlords and tenants, and now a stabilisation. Women’s

immediate catchment and support trade over the longer-term.

fashion brand Supré and Portuguese jewellery and homewares

New entrants included Mexican eatery Taqueria and southern

retailer and café Gold Over Blue moved in, and world-renowned

American comfort food offering Mama Rae’s; meanwhile, works

artist Vincent Fantauzzo opened his new art gallery. The strip

have started at Erdi Group’s redevelopment of the former Ry-

is set to be reshaped in the coming years by the $3.75 billion

dges Hotel and Fortis Group’s 45-apartment project at number

redevelopment of the Jam Factory, which will deliver new

61-73, and a block of serviced apartments is nearing completion

commercial, retail and hospitality space, 800 apartments, two

at 99-105. A further 16 apartments are slated for a project at

hotels and a new cinema complex.

3-15 Fitzroy Street.

chapel street, prahran

glenferrie road, malvern

Like its more high-profile sister strip immediately to the north,

Glenferrie Road, Malvern is one of best proponents of the theory

Chapel Street, Prahran is expected to benefit over the longer-

that a strong, established catchment leads to the consistent

term from the influx of residents, workers and tourists brought

performance of a shopping strip, with further support from a

by the upcoming Jam Factory redevelopment. Retail take-up

spike in activity at the end of the school day, and plentiful public

over the past year was led by specialty retailers, including a new

transport options and car parking. Vacancies remain in single

Vinnies op-shop and second-hand clothing store Chronological

digits on the back of a quality mix of local and national opera-

Error.

tors, anchored by Coles, Dan Murphy’s and all major banks,

chapel street, windsor

complemented by Glicks Bakery, Fleischer Cakes, kosher butchers and deli and smallgoods sellers. Recent take-up has been

Home to arguably the premier hospitality offering south of the

driven by specialty retailers such as clothing boutique Yours

Yarra – and home to one of the highest proportions of food and

and Mine, the new Red Cross Shop, homewares, gifts and acces-

beverage in Melbourne – Chapel Street, Windsor saw vacancies

sories retailer Found Malvern. Better Group clothing alterations

decrease to 6.5% as more eateries and nightspots opened their

also moved in.

doors. Among the new entrants were Ukrainian restaurant Otakoï, South American offering Mr Latino Cantina, and Yunnanese restaurant Na He Bistro, as well as piano bar Ivy, and sweets shop Arthur’s Candy.

FITZROYS WALK THE STRIP | VOLUME 8, 2025

29

high street, Kew

lygon street, Brunswick east

Vacancies along High Street, Kew lifted over the past year but

Lygon Street, Brunswick East has emerged as one of Mel-

yet again remained in single-digit territory. The strip is reliably

bourne’s most popular inner-north lifestyle and hospitality

supported by an established and affluent catchment, as well as

strips, with its eclectic offering recently powering the suburb

the inner-east’s growing office market. High Street, Kew’s popu-

to sixth place in Time Out’s “Coolest Neighbourhood In the

lar offering includes mix of grocery, post office, banking and

World” list . The strip again posted one of the lowest vacancies

other services. Brand-new tenants included Teochew Chinese

in Melbourne, energised by a surging local population filling the

restaurant Swatow Café and children’s party venue Origami Play

multitude of apartment towers that have emerged around the

Café, while Carpe Group opened a display room for their nearby

strip – and more are on the way. The proportion of hospitality

31-apartment development Studley Park Residences.

tenants jumped on the back of new entrants Coffee Bar Elsie,

high street, Northcote The “Coolest Strip in the World”, as recently declared by influential global publication Time Out , High Street, Northcote

Catalogue Coffee, and new restaurant Taverna Greek by prolific restaurateur Angie Giannakodakis and business partner Guy Holder.

has emerged to become arguably Melbourne’s premier inner

malvern road, toorak

north lifestyle and hospitality precinct, with an array of popular

A distinct neighbourhood character with fine-grain shop-fronts,

eateries and live music venues joining local institutions such as

detailed façades and a leafy setting defines Malvern Road,

the Northcote Social Club, Wesley Anne and Northcote Theatre.

Hawksburn – better known as Hawksburn Village. The afflu-

Greek spot Momus Boy and Oh! Banh Mi Pho were among the

ent inner-city location supports a specialty retail offering of

newest eateries, with cult bakery Calle bringing the queues for

boutiques and gourmet food stores such as Stocked Food Store,

its croissants over from Carlton North.

and new addition high-end roast chook shop and deli Carvery.

Vacancies remained in single-digit territory for another year.

New developments, including The Mill and Maloura at the east end of the strip are set to boost the surrounding catchment and add further visitation to the precinct.

30

FITZROYS WALK THE STRIP | VOLUME 8, 2025

smith street, collingwood

whitehorse road, Balwyn

In recent years named as “The World’s Coolest Street” by Time

Whitehorse Road, Balwyn again recorded one of Melbourne’s

Out , Smith Street, Collingwood – home to a first-class offering

lowest vacancy rates, and is sitting well below its own long-term

of bars, cafés and eateries – is at the seat of a residential and

average. Food and beverage underpinned leasing activity in the

office development boom in the inner north. Vacancies again

past year; new entrants included restaurant Singapore Gu Chia

tracked below the Melbourne-wide average with a mix of new

Cui Chicken Rice, dessert venue Bath the Sheep and café Petit

tenants setting up shop. Middle Eastern restaurant Zareh,

Peace Coffee Shokudo. Whitehorse Road trade has been sup-

Burgerlot, Masses Bagels, The Cookie Box and salads and bowls

ported by an established, affluent and reliable local catchment

slingers Crop represented the food and beverage set, with

– but in a huge boost for the strip, Coles and local developer

bottle shop Crooked Drinks also coming in; meanwhile; Pilates

Dimas Property Group are teaming up to deliver a new full-line

studios Rosy Movement and Sasana Studio are now working out

supermarket below 45 apartments in the coming years, a

the growing local population, and cult garments label Front Of-

project set to add more shoppers locally and draw further

fice Co have established a bricks and mortar presence.

from the surrounding suburbs.

sydney road, brunswick Sydney Road – which claims to be not only Melbourne’s longest shopping strip, but the Southern Hemisphere’s – offers an eclectic and multicultural soup of bars, cafés, nightlife venues, eateries and restaurants, shopping, and services, which draws in visitors from across the inner-north and wider Melbourne.

Joining the hospitality offering were South American restaurant El Manglar, burger place Crispy Crunch, popular bakery The Happy Bakers, a not-for-profit women’s support hub, café and restaurant Azeemah, with Venetian wine bar and ciccheteria Da Bepi on the way. Virtual Icon Vintage, Epic Vintage, pre-loved maternity, baby and kid’s fashion shop Usa-Ta! and Curiosities

by The Jacob Miller Show have all opened their doors.

Toorak Road, Toorak Toorak Village was one of Melbourne’s most improved strips over the past year, moving further through a period of transformation. Vicland’s eight-storey St Germain office development recently introduced a Coles Local to the strip, as well as a Cecconi’s restaurant and high-end gym Saint Haven by Tim Gurner.

Orchard Piper residential, retail and office project on the corner of Mathoura Road is nearing completion and has plans for a $400 million luxury apartment project on the Mercedez-Benz dealership site which will add to the growing residential and worker population.

upper heidelberg road, Ivanhoe While not having the same high profile as some of Melbourne’s other shopping strips, busy Upper Heidelberg Road, Ivanhoe has again quietly posted one of the lowest vacancy rates in Melbourne. Food and beverage increased to near-historic highs, with cult burger spot College Dropout opening its sister eatery, with fried chicken specialists Glory Fryed opening a few doors over, and popular Turkish kebabs place Azee Kebabs now opening their doors. The strip is ideally placed to capture the circa 37% population growth forecast for Ivanhoe by 2046 .

FITZROYS WALK THE STRIP | VOLUME 8, 2025

31

CONNECT WITH FITZROYS

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At Fitzroys, we offer comprehensive leasing, sales, valuation and management services across a wide spectrum of retail properties, from the heart of the CBD and Melbourne’s distinctive, high-performing strip shopping precincts to sub-regional, neighbourhood, and bulky goods centres. Our specialists possess a deep understanding of what drives success in retail assets, creating unique value and contribute to long-term property performance. Our experienced team excels in securing optimal outcomes for our clients.

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Endnotes All data presented in this report is considered to be true and correct at the time of publication and for general information only; Fitzroys make no warranties or representations with respect to the accuracy or completeness of that information after publication and bear no liability with respect to this information. Fitzroys strongly recommends that readers obtain any appropriate professional financial or investment advice relevant to their particular circumstances. To the maximum extent permitted by law, Fitzroys disclaims all liability for any loss, damage, expense and costs incurred by any person arising out of accessing, downloading, using or relying on any information in this report. Links to external websites: This report contains reference links to external websites which may contain views or recommendations of third parties, hypertext links, frames or other references to other parties and their websites. Fitzroys does not warrant or accept any legal liability whatsoever arising from or in connection with, the accuracy, reliability, currency or completeness of any material contained on any linked site.

32

FITZROYS WALK THE STRIP | VOLUME 8, 2025

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established

1973 WE KNOW Tania Arisky PROPERTY MANAGEMENT ariskyt@fitzroys.com.au

MELBOURNE

FITZROYS WALK THE STRIP | VOLUME 8, 2025

33

WALK THE STRIP

We Know Retail.

We Know Melbourne.

Disclaimer: This marketing document has been prepared by Fitzroys Pty Ltd (ACN 078 941 107) solely for the information of the owner of the subject property and its representatives. The information relied upon in this document has been provided by third parties and accordingly, has not been fully verified as to its accuracy. Accordingly, it may be necessary to vary the advice contained herein during the period of any marketing campaign based upon additional property information that may come to light and the level of interest received from any prospective purchaser.

Licensed Estate Agents Auctioneers Property Managers Consultant and Valuers fitzroys.com.au 9275 7777 360 Collins Street Melbourne