First signs of fresh life for Chapel Street
Stonnington Council has released a master plan that includes a ferry service along the river from the city to the strip and a $1.8 million plaza in Windsor that will form two "gateways" to attract visitors to the popular but "tired" street.
Fitzroys Real Estate director David Bourke said despite an overall vacancy rate of 6.1 per cent, at the premium end of the street only two large shops were vacant.
They were 501 Chapel Street, opposite the Jam Factory, and the former Foot Locker store on the corner of Arthur Street.
Rents on most of Melbourne's larger shopping streets had already gone down by up to 20 per cent, Mr Bourke said.
Hot dog specialist Massive Wieners, French macaron manufacturer A La Folie, health juice operator Pressed Juices, Mexican concept chain Zambreros, another Mexican restaurant, Fonda, Ben & Jerry's ice-creamery and Chinese tea retailer Quali-T had all recently moved into Chapel Street or Toorak Road, Fitzroys leasing executive Michael Rainey said. Edgier fashion retailers were also taking space.
Frequently Asked Questions about this Article…
A new wave of fast-food and fashion retailers is moving into Chapel Street ahead of a planned makeover. Stonnington Council’s master plan and strong leasing activity have helped attract new food and fashion concepts to the strip.
The master plan includes a proposed ferry service along the river from the city to the strip and a $1.8 million plaza in Windsor designed to form two 'gateways' to attract more visitors to the popular but described-as 'tired' street.
Recent entrants include hot dog specialist Massive Wieners, French macaron maker A La Folie, health juice operator Pressed Juices, Mexican chain Zambreros, Mexican restaurant Fonda, Ben & Jerry's ice-creamery, and Chinese tea retailer Quali-T, along with edgier fashion retailers.
Fitzroys Real Estate reports an overall vacancy rate of about 6.1%. At the premium end only two large shops were vacant: 501 Chapel Street opposite the Jam Factory, and the former Foot Locker store on the corner of Arthur Street.
According to Fitzroys Real Estate director David Bourke, rents on most of Melbourne’s larger shopping streets have fallen by up to about 20%.
The arrival of multiple food and fashion operators and the council’s planned upgrades suggest renewed retailer confidence and efforts to boost visitor numbers, indicating signs of fresh life for the strip.
Market commentary came from Fitzroys Real Estate director David Bourke, who discussed vacancy and rents, and Fitzroys leasing executive Michael Rainey, who highlighted the recent new tenants.
Yes. The article notes that at the premium end of the street only two large shops were vacant, which suggests continued demand for prime retail space even as the wider strip undergoes renewal.
Call 1300 880 160
Start a chat
Schedule a call
