Cult Hungarian Patisserie Lands in Hawthorn
Kurtosh is the latest Sydney eatery to expand into Melbourne, attracted to the city’s vibrant hospitality culture and nation-topping retail spending, in a move that will further enhance Glenferrie Road, Hawthorn’s reputation as one of Melbourne’s most vibrant retail strips.
Fitzroys Associate Director Chris James negotiated the lease of the 112sqm space within the landmark Lido Cinemas complex at $85,000 per annum net.
He said the straight 10-year lease signed by Kurtosh highlighted the faith retailers have in the area, and in the cinema complex’s positioning on the popular shopping strip.
Kurtosh is known for its kürtőskalács - spiral Hungarian pastries also known as chimney cakes, and a range of other cakes and pastries. The patisserie has just opened its fourth Sydney location at the new Darling Square precinct in Haymarket.
James said securing a quality operator for the space, located at the rear of the Lido Cinemas, opposite Vapparetto and fronting onto the rear car park, would further activate the cinema complex, which has been a strong performer since reopening four years ago.
“The space attracted enquiry from a number of hospitality operators looking to take advantage of the huge growth prospects and position within one of Melbourne’s most vibrant shopping strips, and most prized catchments,” he said.
“Swinburne University provides a constant flow of pedestrian traffic, underpinning trade for a number cafés and eateries, and through all hours given the growing student accommodation beds in the precinct.
“The strong catchment is enhanced by its position within affluent popular leafy inner-eastern suburbs, amongst Kew and Camberwell, and a number of prestigious schools and that also bring further activity to the area, helped further by a range of public transport options.”
Kurtosh is the latest Sydney-based food and beverage operator to look to Melbourne for their expansion plans, James said, given the city’s nation-leading retail spend.
James leased a space in nearby inner-eastern suburb Camberwell to iconic chicken and burger business Chargrill Charlie’s, which opened recently for its Melbourne debut, as did late-night pork eatery Mr Crackles on Bourke Street in the CBD. Mary’s Burgers has just announced it will open its first Melbourne location early in November.
Melbourne and Victoria are now in number one position as the highest retail spenders in Australia, replacing Sydney and New South Wales, according to CommSec’s latest State of the States report.
Within the Lido complex, James has leased space to quality coffee operator Axil Coffee Roasters, and Kurtosh will also join Huxtaburger, frozen yoghurt group Yo-Chi and Venetian bar and restaurant Vaporetto within the building.
The Lido building opened as the Glenferrie Theatre in 1912 and was renamed Palais de Danse in 1927, before operating as the New Glen Picture Theatre until 1956. From 1960 it was used a dance school, pool hall and cabaret theatre until closure in the middle of last decade. After 10 years sitting idle it was revitalised and reopened in June 2015, with the cinemas on the top floor, and food and beverage operators through the arcade and lower floor adding to the strip’s unique offering.
Hotel Francis
Malaysian developer Aikbee Group has bought the 3-storey art deco Hotel Francis building in the CBD for $13.75 million.
The 383-387 Lonsdale Street building is on a 444sqm site on the corner of Niagara Lane, and has traded as Club Retro and the Niagara Hotel since its acquisition by vendors Gobalakrishnan and Usha Subramaniam for $5.85 million in 2011. They bought a 59sqm laneway last year next to the property for $600,000 that was included in the offering.
Disclosure: The weekly Fitzroys Property Wrap is for information only on transactions in the Melbourne property market. Fitzroys provides this information as a public service. We are not purporting that all sales and leases within this report were transacted by Fitzroys. Terms/Privacy © Copyright 2019 Fitzroys.