Floristry Honeybee and Blossom will spring up in the popular Greville Street, Prahran boutique strip as prospective tenants show higher demand for smaller retail tenancies.

Fitzroys Agency Executive, Lewis Waddell negotiated the lease for 2/127 Greville Street at $967 per sqm gross plus GST on behalf of a private investor.

The 30sqm space has a large frontage of nine metres.

Waddell said the deal demonstrates the ongoing value of a bricks and mortar presence for businesses.

“The operator has been running the business from home for a while now with some pop-up stores, and has made the move to a permanent store as florists have been busy during the COVID-19 period.

“The wide, light-filled layout and character-rich nature of the building made the space ideal for displaying the new business’s range of fresh and dried flowers.”

Greville Street hosts strong retailers such as Aesop and Kookai that are in close proximity to this shop, as well as popular health food café Acai Brothers. Waddell said this tenancy mix remains a drawcard for operators looking to move into the area.

He said boutique and smaller tenancies are currently in higher demand rather than larger-format shops.

“Smaller spaces with minimal fit-out requirements allow operators to maintain a presence in the market without necessarily having to commit to the extensive fit-outs or higher rents often demanded by larger spaces.

“This space fitted the bill on both fronts for Honeybee and Blossom, offering a boutique feel and sizing while the wide frontage is ideal for display and presence in the strip while they fulfil their orders online.”