Perth, 31 March 2015 – Floreat
Forum has a new Italian flavour, with Tuscany-inspired eatery Davvero Caffe E
Cucina opening its doors at the centre this month.
Davvero, which is a joint venture between three Italian families, is a 200sqm restaurant located in the central plaza area, specialising in Tuscan food. The tenant has signed a 10-year lease, demonstrating their long term commitment to the site.
CBRE’s Craig Olde linked the lease
deal to the capital expenditure program undertaken by APiL Property Group.
“The owners have gained a key new
tenant to bring impetus to their capital investment, while the tenant will
leverage off this expenditure, which benefits them by providing amenity to the
restaurant customers,” Mr Olde said.
Recent upgrades to the centre include
a new children’s play area, landscaping features and family friendly spaces
that create a village square atmosphere.
“A bright spot of retail expenditure
growth is food and beverage, and adapting the shopping centre environment to
embrace this is key to keeping centre’s vibrant,” Mr Olde said.
Mr Olde said Davvero was also
strategically positioned to capitalise on the surrounding demographic.
He added: “Floreat is seeing an influx
of middle and upper wealth bracket younger families, attracted by the larger
lots and substantial homes that can be found in the area. This demographic has
parents who still like to go out for dinner and a drink, but may have children
who are too young to sit in a restaurant chair all night while mum and dad have
an extended meal.”
While the rent could not be disclosed,
restaurant sites in the renovated plaza area are market for about $700 per
square metre gross for larger sites around 200sqm.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.