Burke Road, Camberwell attracts another Melbourne debut
Cult women’s footwear label FRANKiE4 is the latest retailer to make its Melbourne debut in the famous Burke Road and Camberwell Junction precinct, demonstrating the precinct’s reputation as one of Melbourne’s most renowned shopping and lifestyle destinations.
Chris James of Fitzroys negotiated the off-market lease for the single-level 160sqm shop at 626 Burke Road, for 5 years at $120,000 per annum on behalf of a private investor.
FRANKiE4 was established in Queensland by a podiatrist and physiotherapist and has generated a large and enthusiastic following for its fashionable designs that also take into account body mechanics and healthy wearing. The label invests in patenting and design registrations of elements in most of its unique designs.
The deal arrives within 12 months of cult Sydney-based chicken shop Chargrill Charlie’s opening its first Melbourne site in a space fronting the Camberwell Market, after a lease negotiated by James. Fashion retailer Ballet Emporium, also from Sydney, made its Melbourne debut at 849 Burke Road more recently, having acquired the property in a $1.675 million sale also negotiated by Fitzroys.
James and Fitzroys colleague David Bourke sold the dual-fronted freehold directly next door at 628 Burke Road for $4.28 million in recent months to national telecommunications company Telstra, which is currently repositioning and refitting the building for a brand-new flagship store.
“The recent influx of national interest demonstrates the confidence retailers have in the prospects of Burke Road and the Camberwell Junction,” James said.
“Vacancies in the prime retail section of Burke Road, Camberwell are at a 3-year low, testament to the successful mix of quality national and local retailers and food and beverage operators in what is the shopping and lifestyle heartbeat of Melbourne’s inner- east.”
James said Burke Road, Camberwell services an established, loyal and affluent catchment that is one of Melbourne’s most enviable.
“Retailers have demonstrated faith in the strip right through the COVID-19 period.”
James said medium and high-density residential development has fuelled a population surge in the inner-east, increasing the immediate catchment and boosting trade and further driving enquiry from tenants and owner occupiers.
The local development pipeline includes major projects such as the $175 million mixed-use, dual tower Camberwell Village, and Chinese development giant Dahua Group’s $300 million Hawthorn Park that will bring 345 apartments to the area.
The Village Dandenong Sells For $29.1m
An investor has bought the Woolworths-anchored The Village Dandenong shopping centre for $29.1 million, at a 5.2% yield, from RG Property.
The 5,343sqm centre is on a 1.9ha site at 81-125 Princes Highway and includes the 3,800sqm supermarket and BWS Liquor, and 15 specialty retailers.
Fitzroys Shopping Centre team has been appointed to manage the centre by the new owners.
Victorian Government Approves a Further $1.1 Billion of Developments
The State Government announced the approval of another round of projects with a combined value of more than $1.1 billion. They include:
• 2 of the 5 towers at Lendlease’s Collins Wharf project at 938 Collins Street, Docklands. They will comprise 659 apartments and rise 28 and 29 storeys.
• A $250 million development at 31 Station Street, Caulfield that will include build-to-rent, affordable housing, a supermarket, retail and office space.
• Apartment buildings at 103-109 and 115-117 Boundary Road, North Melbourne.
• 6 multi-level buildings at 346-350 Macaulay Road, Kensington with a combined 426 dwellings.
• A $110 million 9-storey mixed use building in Glen Iris next to Gardiner train station.
• The $220 million Geelong Civic Precinct, and
• A $200 million solar farm at Kennedys Creek, north-east of Benalla
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 2020 Fitzroys.