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FY19Melbourne Retail Strip Report

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Prime Melbourne Retail Strips Volume 3 Report ■

Research on 10 key retail strips ■ Latest precinct profile analysis ■ Expert outlook & insights

fitzroys.com.au 9275 7777 1

360 Collins Street Melbourne

Overview 3-4 Carlisle Street Balaclava

5-6

Centre Road Bentleigh

7-8

Chapel Street Windsor

9-10

Clarendon Street South Melbourne 11-12 Glen Huntly Road Elsternwick

13-14

High Street Kew

15-16

High Street Northcote

17-18

Malvern Road Hawksburn

19-20

Swan Street Richmond

21-22

Toorak Road Toorak

23-24

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Retail Strips Volume 3 Report

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WALK THE STRIP

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FY19Melbourne Retail Strip Report

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WALK THE STRIP Retail Strips Volume 3 Report

WALK THE STRIP

Retail Strips Volume 3 Report

3.

For the third edition of Walk the Strip, Fitzroys surveyed 33 retail precincts and analysed 10 key Melbourne shopping strips to draw valuable data in our most comprehensive report to date. We explore our findings and offer insights into how owners, tenants and the broader community are meeting market challenges and responding to the ever-evolving needs of Melbourne’s retail strip landscape. Services step up Melbourne’s nation-leading population growth and resulting medium and high density residential development has prompted a well documented food and beverage boom throughout retail strips. The latest stage of this evolution is the emergence of service retail as a driver of tenant demand. For all the consumer behavioural and shopping changes brought about by e-commerce and logistics advancements, it remains difficult for the online world to replicate the services, retail and hospitality offering found in Melbourne’s retail strips.

85% of retail precinct

experienced a lift in Service Retail

Much of the growing population is centred around our shopping and lifestyle strips, and there is increasing demand for medical, health and skin care clinics, dentists, optometrists, masseurs and fitness studios. Service retail hasn’t just become more prominent. Demand has spurred the offering to become more nuanced – whether it’s medical and skin clinics with a more specialised focus; the range of massage types on offer, yoga disciplines, or fitness studios.

Smarter operators that can capture cultural and services demands are thriving and influence the retail landscape, and well located properties will remain highly desirable.

“Service retailers have started to move from the periphery of the strips to their prime section: locations they previously wouldn’t have considered, but are now emerging as the vital component of Melbourne’s shopping precincts.” The 2018/19 period surveyed in Volume 3 of Fitzroys Walk the Strip report shows a broad increase in the proportion of service retailers across Melbourne’s shopping strips, with 85% of the 33 surveyed precincts showing an increase. Service retail has become a bellwether for vacancy rates. Those strips that saw an increase in service retail over 2018/19 also witnessed a tightening in vacancy rates.


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WALK THE STRIP Retail Strips Volume 3 Report

4.

‘Place-making’ approach builds retail resilience As Melbourne’s population expands and becomes older and more diverse, retail centres are playing a more valuable role as a “town centre” for communities. Trading organisations are working together with local councils in a strategic ‘place-making’ approach to promote a mix of retail and amenities. This conscious effort to better leverage existing community assets such as festivals, events, parks and gardens, and nearby recreational facilities, will give traders a unique advantage and a more resilient future.

“Strip centres will continue to be an important part of the community fabric, hosting a strong quality and mix of operators as a more convenient destination for the local neighbourhood or greater catchment area.” Retailers that also embrace innovation in their offering and create a uniquely desirable customer experience are more confident about their future long-term business growth. Despite tough competition from ‘mega’ malls and large shopping centres, Melbourne’s iconic retail strips continue to reinforce their position at the heart of their local communities. They have adapted and evolved over time to develop a unique expression of and connection with the surrounding catchment and visiting shopper traffic, resulting in stronger retail resilience.

Tenant and landlord synergies for growth

REPORT REFERENCE: 1. Victorian Valuer-General. March, 2019. A Guide to Property Values. https://www.propertyandlandtitles.vic.gov.au/valuation/valuer-generalvictoria; https://www.development.vic.gov.au/ 2. Malo, Jim. May 23, 2018. Experts pick Melbourne suburbs to Buy into and Avoid Right Now. 3. Willingham, Richard. 18 June, 2018. Plan to restrict housing developments in Melbourne’s Middle-ring Suburbs. https://www.abc.net.au/news/2018-06-18/matthew-guy-to-restrict-developmentsin-melbourne-suburbs/9881068 3. https://www.fvg.com.au/2019-retail-propertymarket-outlook/ 4. https://www.webalive.com.au/ecommerce-statistics-australia/ 5. http://www.planmelbourne.vic.gov.au

Tenants and landlords are working together in a more collaborative relationship to lift the long-term growth of the retail centre overall and focus on strategic growth goals to attract higher foot traffic. Unlike ‘single ownership’ shopping centres, shopping strips are less bound by preconceived ideas of value, allowing for contemporary and less preconceived tenancy mix and a more flexible approach between landlords and tenants on rental agreements – as a result, operators are more easily able to respond to different or unexpected market drivers.

We also found that where landlords and tenants focused on investment and adequately managed risk and were supportive, this delivered a win-win outcome for both parties.

Government support through to 2050 Plan Melbourne is the State Government’s formal overarching vision to create a city structure which strengthens Melbourne’s competitiveness for jobs and investment. Included in the plan is the strategy for creating Melbourne’s 20-Minute Neighbourhoods designed to meet the everyday needs of residents by supporting development with shops, offices, open spaces and community facilities as well as commercial and retail spaces. The government has acknowledged 9 existing and 2 future metropolitan activity centres as critical to growth across a regional catchment. They have prioritised investment in the development
of these activity centres—with sectors including retail trade—by linking them with a high-capacity train network.

Impact of current market conditions Buyers are still expressing solid interest in quality retail strip property. Well located properties with long leases continue to offer secure cash flows, and investors are recognising that residential development accommodating Melbourne’s population growth and broader government commitment and significant infrastructure planning will only lead to growing returns over the long-term.


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WALK THE STRIP Retail Strips Volume 3 Report

5.

Profile

Carlisle Street Balaclava Over 2018/19, the precinct experienced a slight lift in vacancies, as service and specialty retailers increased their presence on the strip broadly in place of food and beverage operators. Carlisle Street’s tenancy mix is among the most evenly balanced of any Melbourne shopping strip.

Carlisle Street comprises single and double storey shops, featuring a range of 19th century character elements, typically ground floor retail with office or residential above.

7.0 %

2018 Carlisle

Property use

2018

2019

Trend

Service retail

24.2%

29.1%

▲4.9%

Specialty retail

25.5%

31.3%

▲5.8%

Food & beverage

42.7%

31.3%

▼11.4%

Development

0.6%

0.0%

▼0.6%

Vacancy

7.0%

8.2%

▲1.2%

8.2%

2019 Street

n Street Inkerma

Hotham

St

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Westbur y St

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The suburb has a strong cosmopolitan influence and a growing creative, bohemian style, enhanced by a unique range of local bakeries, cafés and bars.

Precinct vacancies

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Strong weekly shopping facilities, including Coles and Woolworths and a wide range of community amenities and services support the surrounding neighbourhoods, while excellent public transport access through Balaclava train station and tram routes 3, 3a and 16 further attracts shoppers from a wider catchment.

Retail Mix over 2018/2019

Nelson St

Balaclava is a small pocket of St Kilda East, 7km south of Melbourne within the City of Port Phillip, and has a dense population with a high proportion aged 25-34 years. Its main retail zone extends from the St Kilda Town Hall on Brighton Road eastwards to Carlisle Avenue.

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WALK THE STRIP Retail Strips Volume 3 Report

6.

Profile: Carlisle Street Balaclava Outlook

Summary

The City of Port Phillip has developed the Carlisle Street Activity Centre with the Balaclava Walk Masterplan, integrating the upgraded Balaclava train station with walkways on either side of the station, including a continuous walk link to Ripponlea train station, the Council car park site in Marlborough Street, and the raised tram stop platform on Carlisle Street, outside the train station.

Forecast investment by private and public sectors and recent sales data points to a value growth for Carlisle Street over the next five to ten years.

Café and restaurant uses are encouraged across the length of the Carlisle Street. The area between Chapel Street and the rail bridge will be consolidated as a hub of retail activity with the concentration of shops and personal services to create a compact, highly walkable area. The section running from the rail bridge to Carlisle Avenue is to remain focused on specialty foods, including kosher and continental offerings, as well as personal and business services. Brighton Road to Chapel Street is to service commercial and community uses, and more specialised retail activities.

Recent Sales transactions

Strong sales in Carlisle Street and a record sale in adjacent William Street highlight a continued demand for retail and commercial space. Growth in office rental rates is encouraging developers to increasingly look for commercial office opportunities in this location.

$1,365,000 4.19% yield

115 Carlisle Street Double-storey premise, ground floor retail and first floor office. Laneway access, on-site parking.

$5,000,000 4.46% yield

157 Carlisle Street Three level newly redeveloped building, ground floor retail with 5 apartments.

“The Port Phillip of the future will see enhanced prosperity for shopping precincts by Council working with traders and landowners to build on the unique character, vitality and retail offer of each precinct…” —

City of Port Philip, Creative and Prosperous City Strategy 2018-22

Substantial retail and commercial sites along Carlisle Street and neighbouring Hotham Street have recently changed hands, opening the door for apartment developments in the immediate vicinity. No. 308 will imminently bring 46 residences and new ground floor retail space to Carlisle Street.

$1,630,000

245 Carlisle Street Shop and dwelling with development upside (STCA) and offered with vacant possession.

V.P.* Tenancy Mix

8.2% 31.3%

29.1%

■ ■ ■ ■ ■

Service retail Specialty retail Development Food & beverage Vacant

0.5% 31.3%

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REFERENCE: 1. https://www.realestatesource.com.au/record-price-paid-for-development-site-in-bohemianbalaclava.html 2. https://reiv.com.au/market-insights/suburb/balaclava 3. http://www.portphillip.vic.gov. au/BWMP_ADOPTED_Sept_2012_for_web_REV_NOV.pdf 4. http://www.portphillip.vic.gov.au/carlislest_ activity_centre.htm 5. http://www.planmelbourne.vic.gov.au 6. https://reiv.com.au/market-insights/suburb/ balaclava 7. http://www.portphillip.vic.gov.au/vision-carlisle-st-structure-plan.pdf 8. https://www.urban.com.au/ policy/2019/05/23/future-focus-australian-institute-of-landscape-architects-call-for-new-living-infrastructurestrategy 9. http://www.portphillip.vic.gov.au/CoPP_Art-and-Soul_Creative_Prosperous_City_Strategy_0518_ FINAL.pdf ABOUT THE REPORT: All strip data collected by Fitzroys Agents in 2018/19 financial years. © Fitzroys 2019.


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WALK THE STRIP Retail Strips Volume 3 Report

7.

Profile

Centre Road Bentleigh Bentleigh is positioned between the Nepean Highway and South Road, 14km south east of the CBD. This low-density area has a high proportion of family households. As the name suggest, Centre Road runs through the middle of the suburb, and with 29,500sqm of retail floor space is the largest shopping strip in the City of Glen Eira.

Retail Mix over 2018/2019

Centre Road was recently transformed by the State Government’s rail crossing removal initiative, which saw the tracks rebuilt beneath the strip and enhanced pedestrian and traffic flow around the busy station which has attracted additional retailers to the immediate area. Gains in service and specialty retail tenants over 2018/19 offset a decrease of food and beverage traders, keeping vacancies effectively steady.

Anchored by Coles and Woolworths and featuring an ALDI, Centre Road’s size allows a broader range of retail including fresh food offerings, cafés and discount fashion. The strip is complemented by the Bentleigh Market on Sundays, and a range of service retailers including a childcare centre, library, banks and a post office. Despite competition from nearby shopping centres Chadstone and Southland, Centre Road’s broad offering draws shoppers from the surrounding suburbs.

Precinct vacancies

Centre Road benefits from ample strip and Council car parking. Bentleigh train station and multiple bus routes make it highly accessible throughout the day.

2018

6.9%

2019

7.1%

Property use

2018

2019

Trend

Service retail

33.6%

36.5%

▲2.9%

Specialty retail

28.6%

32.5%

▲3.9%

Food & beverage

29.9%

23.9%

▼6.0%

Development

0.9%

0.5%

▼0.4%

Vacancy

6.9%

7.1%

▲0.2%

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* No effective change


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WALK THE STRIP Retail Strips Volume 3 Report

8.

Profile: Centre Road Bentleigh Outlook Glen Eira Council is looking to progress with upgrades to the Centre Road streetscape following the intensive rail crossing removal project, and has moved into planning of the Bentleigh Eat Street. This pedestrian-friendly mall area involves a redesign of the existing rotunda and the closure of Vickery Street that would add depth to the linear retail strip, activated by cafés, restaurants, bars, outdoor seating, and supported by the extension of trading hours. Council is looking to harness an emerging café and restaurant offering to support the existing retail, with night time trading typically limited in the past. As well as the Vickery Street overhaul, Council is planning a pedestrian-only plaza between Nicholson and Godfrey Streets, and a public forecourt between Bent Street and Vickery Street. The large number of on-street and Council car parks will be extended from the current 900-plus to nearly 1,200 in the near future. A new park will be created in place of the existing Godfrey Street car park, and those parking spaces relocated to a new multi-level car park at Horsley Street.

Higher density development is slated to the north of Centre Road where development has already occurred, in order to preserve the existing low-scale density of Centre Road. At the western end, 277-279 Centre Road is expected to make way for a mixed-use project with 52 apartments.

Summary The strip has been a consistent performer given its solid catchment area and its status as a major shopping precinct in the region. Recent investment sales have reflected yields sub 4%. Centre Road vacancies were mostly steady over 2018/19. The proportion of food and beverage tenants fell by 6%, but made up for 3% increases in both the service and specialty categories.

Recent Sales transactions

506 Centre Road Two-storey building leased to long standing tenant and benefiting from rear access to council carpark.

354-356 Centre Road Large double fronted landholding offered with mixed use development scheme.

458 Centre Road New 7-year lease to hospitality tenant of more then 30 years. Laneway access and on-site parking.

$1,002,000 3.87% yield $1,120,000 3.39% yield $2,780,000 4.05% Yield Tenancy Mix

7.1% 0.5% 36.5%

23.9%

■ ■ ■ ■ ■

Service retail Specialty retail Development Food & beverage Vacant

32.5%

REFERENCE: 1. https://www.gleneira.vic.gov.au/our-city/planning-for-the-future/the-future-of-bentleigh/bentleigheat-street 2. https://www.gleneira.vic.gov.au/media/3827/bentleigh-structure-plan.pdf 3. http://planning-schemes. delwp.vic.gov.au/__data/assets/pdf_file/0004/485131/GlenEira_PS_Ordinance.pdf ABOUT THE REPORT: All strip data collected by Fitzroys Agents in 2018/19 financial years. © Fitzroys 2019.


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WALK THE STRIP Retail Strips Volume 3 Report

9.

Profile

Chapel Street Windsor

The strip has a distinctive Victorian and Edwardian character with mostly two and three-storey buildings. The fine grain pattern of subdivision extends throughout the residential area off Chapel Street, enhancing the area’s urban village feel in contrast to the fashion brand oriented South Yarra section.

enhanced by its accessibility, positioned on the Sandringham train line, while numerous tram lines operate through the suburb.

Retail Mix over 2018/2019

Vacancies increased over 2018/19 as the strip continues to recalibrate its tenancy mix. Chapel Street, Windsor has one of the highest proportions of food and beverage operators across Melbourne’s retail and lifestyle centres.

Property use

2018

2019

Trend

Service retail

15.9%

15.0%

▼0.9%

Specialty retail

25.2%

25.7%

▲0.5%

Food & beverage

55.0%

47.9%

▼7.1%

0%

1.4%

▲1.4%

4.0%

11.3%

▲7.3%

Precinct vacancies

Chapel Street, Windsor’s vintage character and strong student presence are catalysts for its hospitality and nightlife revolution. It is arguably the premier lifestyle destination of any of Melbourne’s retail strips south of the Yarra, drawing visitors from across the inner city region as well as the surrounding suburbs. This is

Development

4.0%

2018

11.3%

Vacancy

High St

Chapel S t

2019

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Windsor is a small, dense, mixed-use suburb 5 km from the CBD, with a large proportion of residents aged from 25 to 34 years. This southern end of Chapel Street’s main retail precinct forms the suburb’s key retail area, running from the corner of Dandenong Road – home to the iconic Astor Theatre – north to High Street.


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WALK THE STRIP Retail Strips Volume 3 Report

10.

Profile: Chapel Street Windsor Outlook The Chapel reVision Structure Plan (2013-2031) seeks to support small-format shop fronts at the ground level. Given that Windsor has the most sensitive and oldest heritage streetscape on Chapel Street, Stonnington Council is committed to retaining the community oriented, low-rise, urban village feel of Chapel Street, Windsor, and its diversity of creative, retail, and lifestyle uses. Development opportunities are directed to former light industrial land parcels behind Chapel Street. Chapel Street’s overall reputation as a nightlife hotspot is being helped by the ongoing development in the high density Forrest Hill precinct to the north. Meanwhile, the Jam Factory redevelopment will create a $1.25 billion precinct with towers ranging from four to 15 storeys of new commercial, retail and lifestyle space, including its popular cinema, bringing 50,000sqm of office space and 5,000 permanent jobs to the area that will underpin Chapel Street’s viability for the long-term. Cato Square also in central Chapel Street, is pegged as the Council’s most ambitious construction project and will deliver around 10,000 sqm of multi-functional urban parkland sitting above 500 car parking spaces. Slated for completion in 2020 it will provide urgently needed open space for recreation, events, festivals and markets.

Recent Sales transactions With a diverse offer that extends from the National Institute of Circus Arts through to Hawker Hall, Chapel Street Windsor justifies its reputation as a high quality food and entertainment destination.

34 Chapel Street Double-storey property with dual access and on-site parking. New 5-year lease to popular restaurant ‘Southside Central’.

Summary Demand for retail and commercial space is expected to grow in the coming years in line with major developments reaching completion. Retail properties in Windsor continue to be tightly held, and recent sales have achieved yields of around 4%.

124 Chapel Street Corner property with dual frontage to Chapel Street and Duke Street. Multiple income streams.

168 Chapel Street Significant corner premises with rear access via Victoria Street and on-site parking. Development potential (STCA).

$1,002,000 4.31% yield $2,100,000 5.06% yield $5,100,000 Vacant Possession

11.3% 15.0% 1.4%

Tenancy Mix ■ ■ ■ ■ ■

Service retail Specialty retail Development Food & beverage Vacant

25.7% 47.9%

REFERENCE: 1. https://www.realestatesource.com.au/record-price-paid-for-development-site-in-bohemianbalaclava.html 2. https://reiv.com.au/market-insights/suburb/balaclava 3. http://www.portphillip.vic.gov. au/BWMP_ADOPTED_Sept_2012_for_web_REV_NOV.pdf 4. http://www.portphillip.vic.gov.au/carlislest_ activity_centre.htm 5. http://www.planmelbourne.vic.gov.au 6. https://reiv.com.au/market-insights/suburb/ balaclava 7. http://www.portphillip.vic.gov.au/vision-carlisle-st-structure-plan.pdf 8. https://www.urban.com.au/ policy/2019/05/23/future-focus-australian-institute-of-landscape-architects-call-for-new-living-infrastructurestrategy ABOUT THE REPORT: All strip data collected by Fitzroys Agents in 2018/19 financial years. © Fitzroys 2019.


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WALK THE STRIP Retail Strips Volume 3 Report

11.

Profile

Clarendon Street South Melbourne A 4% increase in the proportion of food and beverage retailers was among the highest of Melbourne’s strips in 2018/19. Vacancy rates tightened to a low 4.5%.

Precinct vacancies

Property use

2018

2019

Trend

Service retail

32.6%

31.8%

▼0.8%

Specialty retail

26.0%

25.0%

▼1.0%

Food & beverage

34.8%

38.6%

▲3.8%

0%

0.81%

▲0.81%

6.6%

4.5%

▼2.1%

Development

6.6%

2018

Vacancy

4.5%

2019

St

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Like many shopping strips developed in the 19th century, Clarendon Street was designed around pedestrian and tram movement. Victorian-era low-rise heritage buildings are integral to its character, particularly in the Emerald Hill Estate precinct, which retains many brick municipal buildings that the Victorian Heritage Register deems “an extraordinary example of an 1880s shopping precinct with a high degree of intactness unmatched in extent anywhere else in Victoria”.

Retail Mix over 2018/2019

The street’s 30-metre width brings expansive open sky views, a distinctive aspect for an inner city location and one of Melbourne’s shopping strips.

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Albe

On the southern fringe of the Melbourne CBD and Southbank, South Melbourne is one the city’s oldest neighbourhoods. The suburb accommodates a range of uses from retail and commercial to industrial. Clarendon Street is complemented by retail activity along adjoining York Street and through to South Melbourne Central and the South Melbourne Market.


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WALK THE STRIP Retail Strips Volume 3 Report

12.

Profile: Clarendon Street South Melbourne Outlook

Recent Sales transactions

City of Port Phillip intends to retain the distinct, predominantly two storey building height of the heritage residential areas and the Clarendon Street Victorian-era shops, which contrast with the Southbank and Docklands high rise precincts to the north and the Albert Park Reserve to the south.

decades. Fishermans Bend’ minimal population is expected to grow to around 36,000 by 2041, with many of those on Clarendon Street’s doorstep.

Council is looking to strengthen the South Melbourne retail offering and complement Clarendon Street and South Melbourne Market with the activation of surrounding areas. Outdoor dining has been improved around Cecil Street alongside the Market; office-oriented York Street has been positioned to become a major pedestrian thoroughfare to the commercial district, with more ground floor retail connecting the Market and Clarendon Street. Coventry Street, featuring heritage shopfronts and converted industrial buildings, will also become more broadly pedestrianised.

Clarendon Street is well positioned to capitalise upon the ongoing residential and office development in and around the suburb.

South Melbourne is expected to attract more office development as inner city locations become increasingly attractive to workers. In the longer-term, Clarendon Street’s historic architecture and unique character are likely to draw visitors from adjacent Fishermans Bend, earmarked by the Victorian government as a development intensive urban renewal area over the coming

Summary

Investor demand has been strong with retail including St Kilda Road assets acheiving strong results at circa 4% yields, reflecting the esteem investors hold for well located inner city retail assets.

“Clarendon Street is a great place to have our business – we have a real diversity of customers and people who live in South Melbourne like to shop locally. There is a village atmosphere and all the shopkeepers know each other. Our local artist and chocolatier drop in occasionally with gifts for the staff !” – In Full Bloom, Clarendon Street South Melbourne

336 Clarendon Street Double storey building, ground floor retail leased to ‘Australian Red Cross’. Benefiting from dual income streams.

338-340 Clarendon Street Significant lot size leased to Bendigo Bank. With large 10m frontage to Clarendon Street.

339 Clarendon Street Leased to longstanding Melbourne institution ‘The Music Place’ on a new 3-year lease.

$2,630,000 4.10% yield

$3,950,000 5.31% yield $1,300,000 4.28% yield

4.5% 0.8%

Tenancy Mix

31.8%

■ ■ ■ ■ ■

Service retail Specialty retail Development Food & beverage Vacant

38.6% 25.0%

REFERENCE: 1. hhttps://reiv.com.au/market-insights/suburb/south%20melbourne 2. http://www.portphillip.vic. gov.au/south_melbourne_central.htm 3. http://www.portphillip.vic.gov.au/default/StrategicPlanningDocuments/ South_Melbourne_Central_Structure_Plan.pdf 4. http://www.portphillip.vic.gov.au/emerald_hill.htm 5. http://www. portphillip.vic.gov.au/default/StrategicPlanningDocuments/South_Melbourne_Central_-_Urban_Design_Framework. pdf ABOUT THE REPORT: All strip data collected by Fitzroys Agents in 2018/19 financial years. © Fitzroys 2019.


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WALK THE STRIP Retail Strips Volume 3 Report

13.

Profile

Glen Huntly Road Elsternwick

The suburb’s main retail strip runs along Glen Huntly Road between Victoria Street and Nepean Highway. Characterised by two-storey Victorian and Edwardian buildings, it has a growing reputation as a lifestyle and hospitality destination with a broad offering of restaurants, casual dining and bars, as well as the Classic Cinema, that draws visitors from across Melbourne’s inner, south-eastern and bayside suburbs. The Elsternwick urban village has areas of defined character and pockets of mixed streetscapes. Gordon Street has the Classic Cinema, Selwyn Street the Jewish Holocaust Centre, and additional retail space to Horne Street and Riddell Parade.

Elsternwick’s appeal is enhanced by its accessibility, with the Sandringham railway line operating through the area, as well as tram Route 67and bus routes. A 6% increase in specialty retail reduced vacancies in Glen Huntly and offset a decrease in food and beverage.

Precinct vacancies

8.7%

2017

5.2%

2019

Retail Mix over 2018/2019 Property use

2018

2019

Trend

Service retail

28.6%

29.5%

▲0.9%

Specialty retail

32.0%

37.6%

▲5.6%

Food & beverage

29.9%

26.2%

▼3.7%

Development

0.9%

1.4%

▲0.5%

Vacancy

8.7%

5.2%

▼3.5%

B ri

g ht on Rd Orrong R d

Elsternwick is located 9 km south-east of the CBD. The suburb has a culturally diverse history and mainly comprises one and two person households, with a high proportion of professional jobs and tertiary qualifications.

Glenhun

tly Rd Glenhun

Ne

tly Rd

pe an

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WALK THE STRIP Retail Strips Volume 3 Report

14.

Profile: Glen Huntly Road Elsternwick Outlook

Summary

The new Coles development will continue to attract shoppers to the precinct throughout the day, while the strip’s growing popularity as a hospitality precinct has prompted Hanoi Hannah to move into bigger and more prominent premises on Glen Huntly Road, enhancing the presence of food and beverage operators.

The redevelopment of Coles (due for completion in late 2019) and other mixed use developments will continue to see increased shopper foot traffic from the immediate catchment.

Glen Eira Council is looking to improve the adjoining mixed-use pockets jutting off Glen Huntly Road. This includes a new Jewish cultural precinct on Selwyn Street, around the Jewish Holocaust Centre, and removing on-street parking, limiting traffic and including a pedestrian plaza area connecting the cultural area and museum. Other initiatives include improving pedestrian amenity on Gordon Street, creating a new community hub and improved car parking in place of an existing car park between Staniland Grove and Orrong Road, and partially closing Carre Street to create a pedestrian forecourt activated by the adjoining retail uses.

The growing appeal of the area and its future prospects has been reflected in the tight investment yields of sub-4% seen in recent sales.

“We were lucky to find a premises double the size on Glen Huntly Road after we outgrew our space opposite the Classic Cinema. It’s got a good village feel during the day, and we’ve expanded the drinks menu to take advantage of our extended operating hours, which has attracted new customers.” – Hanôi Hannah, Elsternwick

Recent Sales transactions

416 Glen Huntly Road Single storey premises with laneway access and on-site parking. Leased to ‘Toyworld’ expiring 2021.

303 Glen Huntly Road Shop and dwelling with vacant possession.

476 Glen Huntly Road Double storey building leased to popular restaurant ‘Nevsky’. With right of way at rear.

Council is also hoping to create a new plaza over the railway line north of Glen Huntly Road, and a cycling connection along the railway line, connecting the station precinct to the southern urban renewal precinct.

$2,205,000 3.98% yield $1,025,000 Vacant Possession

$1,500,000 3.75% yield

5.2% 1.4%

Tenancy Mix

29.5%

26.2%

■ ■ ■ ■ ■

Service retail Specialty retail Development Food & beverage Vacant

37.6%

REFERENCE: 1. https://reiv.com.au/market-insights/suburb/elsternwick 2. http://planning-schemes.delwp.vic.gov. au/__data/assets/pdf_file/0004/485131/GlenEira_PS_Ordinance.pdf 3. https://www.haveyoursaygleneira.com. au/23545/documents/72268 ABOUT THE REPORT: All strip data collected by Fitzroys Agents in 2018/19 financial years. © Fitzroys 2019.


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WALK THE STRIP Retail Strips Volume 3 Report

15.

Profile

High Street Kew As well as easy accessibility via several main roads, High Street is also accessible via multiple tram and bus routes.

Property use

2018

2019

Trend

Service retail

36.0%

37.9%

▲1.9%

Specialty retail

30.1%

26.7%

▼3.4%

Food & beverage

28.1%

29.3%

▲1.2%

Development

0.9%

1.7%

▲0.8%

Vacancy

4.4%

4.3%

▼0.1%

Kew boasts one of the tightest vacancy rates across Melbourne’s shopping strips, at just 4.3%, while it has a high proportion of service retail compared to other precincts, and is home to a number of well established local businesses.

Precinct vacancies 2018

4.4%

2019

4.3%

t hS

Princess

St

Hig

t hS

Hig

Studly Par

k Rd

Denmark

St

St

Cotham

The Kew Court House is now utilised as a community hub for exhibitions and events. The police station building is home to the Kew Historical Society and art gallery, while the old post office is now the popular Q.P.O. Bar and Restaurant.

Retail Mix over 2018/2019

gh

The charm of Kew is owed in part to its significant number of late 19th and early 20th century buildings being well integrated with its more modern architectural additions. The precinct is centred around the landmark heritage-listed Kew Court House Complex, completed in 1888 and comprising the former courthouse, police station, and post office, and next to the iconic Kew War Memorial at the junction of High Street and Cotham Road.

Home to many of the city’s leading private secondary schools, the area attracts new families with higher shopping spend.

Hi

Located in Melbourne’s leafy inner east, Kew is 6 km from the CBD and is an affluent residential suburb with a significant number of high-income households. Busy Kew Junction marks the western end of the main retail strip, which extends to Mary Street and includes the junction of Cotham Road.

Rd


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WALK THE STRIP Retail Strips Volume 3 Report

16.

Profile: High Street Kew Outlook

Summary

Leo’s high quality independent supermarket with associated shops combined with Kew’s active traders association has promoted a quality mix of tenants: grocery, post office, banking and other services, while enhancing the diversity of types of retail in the centre to provide more cafés, restaurants and outdoor dining. This has broad appeal to young people, older adults, and families who prefer to support smaller local traders amid competition with large format shopping centres.

The increasing popularity of medium-density living around Kew and Boroondara is driving growth in the inner east office market, and will continue to grow the local catchment of residents and workers.

There is a potential for additional retail floor space in the core retail area via redevelopment of underused land such as car parks or vacant land at the rear of shops. Ongoing support for the expansion of offices around Kew Junction through redevelopment or refurbishment of existing offices will increase pedestrian traffic in the shopping strip, benefiting local shops and cafés, and potentially providing new employment opportunities for local residents. The recent upgrade of Athenaeum Place has activated retail opportunities to the carpark and Woolworths Supermarket frontage.

Consistent with a number of transactions for well-located property across Boroondara, recent retail investment yields have come in at circa 4%.

“Apartments are going up everywhere in Kew, but our customers tend to still be the families… people move here for the schools and stay so our business has grown with each generation.” – Toscano’s of Kew

Recent Sales transactions

280 High Street Newly refurbished ground floor and modern apartment/office with separate access.

143-145 High Street Frontage of 9.5m to High Street. Ground floor retail and first floor dwelling with dual income streams.

171-173 High Street Two ground floor shops and separate first floor residence with on-site parking. Multiple income streams.

$1,390,000 Vacant Possession

$2,100,000 4.22% yield $4,175,000 3.93% yield

4.3% 1.7%

Tenancy Mix

37.9%

29.3%

■ ■ ■ ■ ■

Service retail Specialty retail Development Food & beverage Vacant

26.7%

REFERENCE: 1. http://planningschemes.dpcd.vic.gov.au/__data/assets/pdf_file/0004/463936/Boroondara_PS_ Ordinance.pdf 2. https://reiv.com.au/market-insights/suburb/kew 3. https://www.boroondara.vic.gov.au/sites/ default/files/2017-10/KJSP-Structure%20Plan%2004-12-09_revised%20December%2011.pdf 4. http://s3.dpcd. vic.gov.au/planning_scheme_history/af533bbe0fc601ef5fc9e886c5a4d635.pdf 5. https://www.boroondara.vic. gov.au/sites/default/files/2017-08/kew-junction-commercial-heritage-study-2013.pdf 6. https://kewjunction.com. au/the-heart-of-kew/ 7. https://www.boroondara.vic.gov.au/business/profile-boroondara-customers/kew-junctioncustomer-profile ABOUT THE REPORT: All strip data collected by Fitzroys Agents in 2018/19 financial years. © Fitzroys 2019.


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WALK THE STRIP Retail Strips Volume 3 Report

17.

Profile

High Street Northcote Property use

2018

2019

Trend

With two train lines close by, Route 86 trams and multiple bus routes, High Street is accessible from many parts of Melbourne.

Service retail

28.9%

32.7%

▲3.8%

Northcote’s vacancy rate tightened further over 2018/19 to just 3%, putting it amongst the tightest of all the shopping strips in Melbourne. Service retail increased in response to the growing local population.

Specialty retail

33.8%

24.7%

▲0.9%

Food & beverage

32.9%

29.6%

▼3.3%

Precinct vacancies

Development

0.1%

0.5%

▲0.4%

Vacancy

3.9%

3.0%

▼0.9%

2018

3.9%

2019

3.0%

Arthurt

on Rd

es Rd

Separati

High St

St Georg

on St

High St

es Rd

There is day-to-day shopping at Northcote Shopping Plaza and Northcote Central Shopping Centre, which includes major supermarkets.

Retail Mix over 2018/2019

St Georg

High Street attracts visitors from across the inner north and the rest of Melbourne for arts events, neighbourhood festival and its famed local music scene, and hospitality and nightlife. A range of casual dining options, cafés and an eclectic array of bars are complemented by landmark venues including the Northcote Social Club and Northcote Town Hall.

Just south of the prime strip section on High Street, the architecturally striking art-deco Palace Westgarth Cinema and Bar is a food and entertainment anchor which draws shoppers and visitors from all over Melbourne.

Northcote is a large suburb 6 km from the CBD and has a high number of residents in the 25-34 and 35-49 year old age groups. High Street forms the main retail and commercial area and has emerged as one of Melbourne’s leading edge inner north lifestyle and hospitality precincts. The prime section of the strip in Northcote runs from Bastings Street up to Martin Street.


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WALK THE STRIP Retail Strips Volume 3 Report

18.

Profile: High Street Northcote Outlook

Summary

Northcote Central Shopping Centre recently changed hands, with the purchasers having plans for it to be redeveloped with a cinema, bars, eateries and shops. Council has identified Northcote Central and the surrounds as a redevelopment opportunity that could bring medium-density apartments and/or a refreshed shopping and lifestyle offering. The former Australian Horizon site on the edge of the strip is also slated for a major apartment project, in an area between High Street and Northcote train station that Darebin Council considers potentially attractive to the office market.

Food and beverage operators are seeing more affordability in the strip compared to inner north edgy hospitality mainstays Smith Street and Brunswick Street.

Northcote is about to enter a period of spiking population growth over the next several years as medium and high density projects continue to be introduced, prompted by the booming food and beverage and lifestyle culture of High Street. As a result, Darebin Council is anticipating demand for larger format retail and supermarket offerings. The Northcote Activity Centre Structure Plan encourages protection for heritage elements along High Street, as well as intensification of mixed use development where appropriate. The conversion of the 1890s High Italian Renaissance revival London Chartered Bank of Australia building into 23 apartments reflects the character and surging popularity of Northcote.

The high pedestrian traffic and growing number of medium and high-density residential projects in the vicinity, makes High Street Northcote a very tightly held strip opportunity.

Recent Sales transactions

298 High Street Ground floor retail and doublestorey residence at rear. Multiple income streams.

304 High Street Two storey premise, ground floor retail with first floor 3-bed residence. Development potential (STCA).

334A High Street Retail investment with new 7-year lease, with on-site parking.

$1,700,000 2.90% yield $1,690,000 Vacant possession

$700,000 5.70% yield

* Data not available

0.5%

3.0%

Tenancy Mix

32.7% 29.6%

■ ■ ■ ■ ■

Service retail Specialty retail Development Food & beverage Vacant

34.7%

REFERENCE: 1. https://reiv.com.au/market-insights/suburb/northcote 2. http://www.darebin.vic.gov.au/ Discover-Darebin/Suburb-spotlight/Northcote 3. http://www.darebin.vic.gov.au/-/media/cityofdarebin/Files/ Building-and-Business/PlanningandDevelopment/Strategic-Planning/Adopted-Strategies-and-Plans/DarebinEconomic-Land-Use-Strategy-2014.ashx?la=en 4. http://www.darebin.vic.gov.au/-/media/cityofdarebin/ Files/Building-and-Business/PlanningandDevelopment/Strategic-Planning/Adopted-Strategies-and-Plans/ DarebinHousingStrategy2013Revised2015.ashx?la=en 5. http://www.darebin.vic.gov.au/-/media/cityofdarebin/Files/ Building-and-Business/PlanningandDevelopment/Strategic-Planning/Adopted-Strategies-and-Plans/High_Street_ Study_Precinct_Guidelines_March_2005.ashx?la=en 6. http://www.darebin.vic.gov.au/-/media/cityofdarebin/Files/ Building-and-Business/PlanningandDevelopment/Strategic-Planning/Adopted-Strategies-and-Plans/High_Street_ Study_Urban_Design_Framework_March_2005_.ashx?la=en ABOUT THE REPORT: All strip data collected by Fitzroys Agents in 2018/19 financial years. © Fitzroys 2019.


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WALK THE STRIP Retail Strips Volume 3 Report

19.

Profile

Malvern Road Hawksburn Property use

2018

2019

Trend

Service retail

19.4%

19.6%

▲0.2%

Specialty retail

47.3%

57.7%

▲10.4%

Food & beverage

23.3%

16.5%

▼6.8%

0%

1.0%

▲1.0%

10.1%

6.2%

▼3.9%

Development

Precinct vacancies

10.1%

2018

Vacancy

6.2%

ell Rd

Mathour

Rd

Errol St

Malvern

a Rd

Williams

Rd

Cromw

Surrey Rd

2019

Particularly popular with locals, the strip’s specialty offering attracts shoppers from a much broader catchment. Its inner city location makes it easily accessible via a number of major roads,

Hawksburn Village saw the biggest improvement in vacancies over of any Melbourne shopping strip through 2018/19, firming from 10.1% to 6.2%. It also witnessed the largest increase in specialty retail in the period, with its total proportion now up to a high 57.7%.

Hawksburn Village has a strong specialty retail presence and has become a hub for popular fashion labels in a boutique setting. The strong tenancy mix is anchored by a Woolworths supermarket and also includes a number of fresh food offerings that service the affluent catchment.

Retail Mix over 2018/2019

St

Some buildings date as far back as the 1850s, and late Victorian, Edwardian and inter-war heritage buildings, fine grain shopfronts, detailed façades and a leafy aspect create the sense of an enclave.

as well as nearby Hawksburn train station, Route 72 trams and several bus services operate through Malvern Road.

Bendigo

Hawksburn is a residential area on the border of South Yarra, Toorak and Prahran, about 5km south-east of the Melbourne CBD. It is centred around the Hawksburn Village shopping precinct on Malvern Road, running from York Street to Mathoura Road and intersected by Williams Road.

Malvern

Rd


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WALK THE STRIP Retail Strips Volume 3 Report

20.

Profile: Malvern Road Hawksburn Outlook

Summary

The heritage aspect and village feel of Malvern Road are treasured elements of the strip. Council has singled out a group of six single-storey shops west of Lorne Road as a distinctive feature that should be retained as an entry marker to Hawksburn Village.

Rents are at around $800 per sqm, and few properties have changed hands or become vacant in the strip over the past year. Hawksburn Village retains a distinct heritage neighbourhood element in an inner city location that is enduringly popular with local residents and the broader catchment.

Hawksburn Village is considered to feature two precincts. The eastern end is seen to cater to the daily needs of local residents and workers, supported by high-end fashion retailers, specialist food stores, and cafés. Any new development is required to be consistent with its heritage and fine grain character. New development in the western end is encouraged to build on its existing light industrial character. Some buildings are deemed suitable for medium-sized, unique food retailers that would attract visitors from outside the immediate catchment. Council is looking to maintain the diversity of retail, café and restaurant offerings in this coarse-grain section, and complement nearby food retailing destinations such as Prahran Market (to the west) with a focus on niche segments such as gourmet and ethnic food offerings.

Recent Sales transactions

586 Malvern Road Single storey retail premise with 5-year lease. Rear walkway access.

553 Malvern Road Single storey premise with rear access and on-site parking. Offered with 10-year lease.

595 Malvern Road Freehold investment leased to long-standing tenant.

Development of McKillop Street as a laneway precinct is encouraged, to activate the edges of the Village to accentuate a precinct feel.

$2,000,000 4.29% yield $3,110,000 1.90% yield $3,750,000 2.02% yield

6.2% 0.5%

Tenancy Mix

19.6%

16.5%

■ ■ ■ ■ ■

Service retail Specialty retail Development Food & beverage Vacant

57.7%

REFERENCE: 1. https://www.connectstonnington.vic.gov.au/hawksburn 1. https://www.connectstonnington.vic.gov. au/17472/documents/32579 2. https://www.stonnington.vic.gov.au/files/assets/public/council/meeting-minutesand-agendas/2019/24-june-2019/attachment-1-hawksburn-village-structure-plan-dla.pdf ABOUT THE REPORT: All strip data collected by Fitzroys Agents in 2018/19 financial years. © Fitzroys 2019.


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WALK THE STRIP Retail Strips Volume 3 Report

21.

Profile

Swan Street Richmond While fashion-oriented Bridge Road nearby struggled to keep up in the changing retail environment, Swan Street has capitalised on the food and beverage demand with a successful blend of restaurants, casual dining, bars, pubs and clubs.

Retail Mix over 2018/2019 Property use

2018

2019

Trend

Vacancies firmed to 5.6% over 2018/19, as service and specialty retailers upped their presence.

Service retail

18.7%

23.3%

▲4.6%

Specialty retail

22.0%

25.6%

▲3.6%

Food & beverage

52.7%

45.6%

▼7.1%

0%

1.1%

▲1.1%

6.6%

4.4%

▼2.2%

Creative businesses attracted to the Richmond, Cremorne and Burnley area for its industrial characteristics sparked the current population and office development boom. With a growing coworking culture and facilities, emerging tech start-ups continue to flock to the area - Melbourne’s own Silicon Valley!

Development

Precinct vacancies 2018

6.6%

2019

4.4%

Vacancy

St

Coppin

St

Church n St

Dickman

Waverley St

Docker St

Dando St

Swan St

Railway Pl

Swan St

St

ty

lin k

Coppin

Ci

Church

St

Stanley St

Green St

Kipling St

Byron St

Swan St

Carroll St

Lennox St

St

Hoddle

St

Lennox

Punt Rd

Servicing this young and energetic local workforce, Swan Street has evolved into one of the city’s premier food and beverage hotspots. Its inner city location, proximity to the MCG and world-class sports precinct, and positioning on multiple public transport routes, including busy Richmond station, also attracts visitors from across Melbourne.

Clifton St

Richmond is a large suburb on the eastern fringe of Melbourne’s CBD, within the City of Yarra. Swan Street is one of the suburb’s major retail precincts, with its core running from Church Street in the east to the iconic Corner Hotel. Buildings along the street display a range of architectural styles from the 1860s to today.


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WALK THE STRIP Retail Strips Volume 3 Report

22.

Profile: Swan Street Richmond Outlook

Summary

The Swan Street Structure Plan looks to maintain the western end of the precinct as a hospitality hub across all hours and a drawcard for event-goers. Local convenience retail, food and beverage offerings and “niche lifestyle” retailing will be embedded given the big box retail and furniture showroom-oriented offering further east.

Recent shop and office/dwelling sales along Swan Street have been struck at tight yields as investors look to secure a place in a strip guaranteed to attract big crowds for the foreseeable future, further enhanced by the booming commercial market that has bolstered the catchment area and demand for food and beverage and service retailers. That has also prompted increased demand and higher rates for shop-top offices.

Yarra Council plans to increase lighting and greenery along the western end of Swan Street, near the Richmond rail bridge underpass. While the strip’s narrow width allows for limited change to the streetscape, it is also a key contributor to the precinct’s village atmosphere. The population boom across Richmond and neighbouring Cremorne and Burnley has eventuated concurrently with a generational development surge in commercial and office space, attracting a number of big names and tech-oriented companies to the area. The pipeline includes the $1 billion mixed-use redevelopment of the landmark Nylex silo site and expansion of the Botanicca business park. While Development options for Swan Street itself are limited given the lack of depth of lots and heritage overlays, office demand has activated shop-top spaces along the strip.

Recent Sales transactions

“We chose to open up in Swan Street because we knew it was an up-and-coming area. It has a great mix of cafés, bars and restaurants. The area is buzzing and there are always people on the street enjoying a meal or drink.” – Sian, Gelato Messina, Richmond

168 Swan Street 143sqm landholding with rear access. Recently renewed 3-year net lease to long-standing tenant.

337 Swan Street Single storey premises with large upside.

453 Swan Street Two level building with rear access and on-site parking. Leased to long-standing tenant of more than 15 years.

45.6%

SI

PO

$1,170,000 2.50% yield $1,165,000 4.30% yield

4.4% 1.1%

AL

N TIO

$1,350,000 2.97% yield

23.3%

■ ■ ■ ■ ■

Service retail Specialty retail Development Food & beverage Vacant

25.6%

AL

N TIO

SI

PO

Tenancy Mix

REFERENCE: 1. https://reiv.com.au/market-insights/suburb/richmond 2. https://www.whereto.media/cityguide/ melbourne/guide-bars-pubs-swan-street/ 3. https://www.yarracity.vic.gov.au/-/media/files/the-area/yarras-future/ swan-street-structure-plan.pdf?la=en&hash=6B67AA59A79B3DA930C2D737EDF36D794316D88E ABOUT THE REPORT: All strip data collected by Fitzroys Agents in 2018/19 financial years. © Fitzroys 2019.


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WALK THE STRIP Retail Strips Volume 3 Report

23.

Profile

Toorak Road Toorak

7.0 %

2019

8.0 %

2019

Trend

Service retail

36.0%

39.1%

▲3.1%

Specialty retail

39.5%

37.9%

▲1.6%

Food & beverage

17.4%

14.9%

▼2.5%

0%

0%

-

7.0%

8.0%

▲1.0%

Rd Rd

a Rd

Rd

Toorak

Rd Balacla

Canterb

Orrong

ur y Rd

Rd

Tintern

Ave

Toorak

Orrong

Grange

Mathour

Vacancy

William Rd

Toorak

2018

Wallace Ave

s Rd

2018

s Rd

Toorak Village is accessible by train and tram and offers easy access to the freeway, while nearby parklands and a green streetscape bring a leafy, inner city feel.

Property use

Development

Precinct vacancies

William

Toorak Village has a range of architectural styles on display, notably dotted with Tudor-style façades. Anchored by a Woolworths supermarket and the Tok H shopping centre, it has retained a more traditional feel compared to nearby Hawksburn Village. While Toorak Village has a very low proportion of food and beverage tenants, recent entrants have added a focus on coffee, innovative food offerings and creative interior design to go with existing fine dining offerings.

Retail Mix over 2018/2019

Vacancy has been relatively steady in 2018-19 at 8%, having been at 13% two years ago. Its service retail proportion is a very high 39.1%, and specialty retail is also above average at 37.9%, while its food and beverage proportion is among the absolute lowest in Melbourne.

Toorak Village, located in Melbourne’s inner south-east, is enviably nestled in one of Melbourne’s most upmarket catchments, within the suburb that boasts Melbourne’s highest house values. Made up of predominantly service and specialty retail, Toorak Village runs between Canterbury Road in the east to Wallace Avenue.

va


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WALK THE STRIP Retail Strips Volume 3 Report

24.

Profile: Toorak Road Toorak Outlook

Summary

Stonnington Council is looking to incorporate moderate redevelopment into the Activity Centre while retaining its highcharacter compactness, walkability, village feel and fine grain. Café and restaurant uses along Toorak Road will be encouraged, although night time entertainment will remain limited to existing operations and to current intensities.

The supply constrained nature of Toorak Village (i.e.. Grange Road to Wallace Avenue) and the strong demographic fundamentals place Toorak Village in an enviable position. Investment yields have been strong, at generally sub 4%.

The unique Tudor style buildings are used as a reference point by Council for the design elements of any new buildings. The north precinct is designated to remain the retail core with the Woolworths supermarket and major car parking facilities complementing the traditional Toorak Road retail street interface with interconnecting lanes and arcades to the northern car parks and mixed-use streetscape of Jackson Street. Development of commercial offices will be encouraged mainly in air space, including above the Tok-H Centre, and side streets in the south precinct, and office use is encouraged in existing spaces behind Toorak Road.

“Toorak Road has a village feel about it, with accessible parking and future development potential. Our customers are pleasant to deal with and have the means to spend.” – Tony Fialides, Co-Manager, IMP Jewellery

Recent Sales transactions

481 Toorak Road Double storey building with large frontage of 10.3metres to Toorak Road, currently leased by Vintage Cellars.

479 & 479A Toorak Road Double fronted premise with multiple income streams.

472 Toorak Road Two level building, ground floor modern café premise and first floor apartment.

More Toorak residents are becoming downsizers and seek to remain in the exclusive postcode, which is making an impact on the suburb’s landscape, strengthening the immediate catchment.

$8,700,000 4.16% yield $4,250,000 3.93% yield $1,648,000 Tenancy Mix *

8.0% 14.9% 39.1%

■ ■ ■ ■

Service retail Specialty retail Food & beverage Vacant

37.9%

REFERENCE: 1. https://reiv.com.au/market-insights/suburb/toorak 2. http://planning-schemes.delwp.vic.gov.au/ schemes/stonnington/ordinance/22_lpp20_ston.pdf 3. https://www.toorakvillage.com.au/visit 4. https://www. stonnington.vic.gov.au/files/assets/public/vision/strategic-planning/strategies-and-structure-plans/structure-plansamp-udfs/toorak-village-sp-amp-guidelines/toorak-village-design-guidelines.pdf ABOUT THE REPORT: All strip data collected by Fitzroys Agents in 2018/19 financial years. © Fitzroys 2019. *No direct Development activity reported for the strip


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WALK THE STRIP Retail Strips Volume 3 Report

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25.

Contact Fitzroys to find out how you can invest and capitalise on Melbourne’s expanding retail strip market. Rick Berry

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DIRECTOR

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DIRECTOR

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DIRECTOR

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DIRECTOR

DIRECTOR

0438 156 236 kombic@fitzroys.com.au

0409 222 411 talbotm@fitzroys.com.au

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ASSOCIATE DIRECTOR

ASSOCIATE DIRECTOR

Terence Yeh 葉子厚

0417 329 687 donovanm@fitzroys.com.au

fitzroys.com.au 9275 7777

360 Collins Street Melbourne

DIVISION DIRECTOR

ASSOCIATE DIRECTOR

0402 824 441 lockwoodj@fitzroys.com.au

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0402 714 541 shuma@fitzroys.com.au

SENIOR MANAGER

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SENIOR MANAGER

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Walk The Strip - Volume 3  

Walk The Strip - Volume 3  

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