Spencer Street store leased after three year vacancy

Melbourne, 24 June 2013 - A corner retail shop at 278 Spencer Street has been leased to a hair dressing salon after lying vacant for three years.

CBRE’s Zelman Ainsworth negotiated the lease to the salon, Stylize, for a five year term.

Mr Ainsworth said vacancies on Spencer Street were becoming increasingly limited as a result of the major growth and development in this area of the CBD.

“This north-west pocket of the CBD has started going through a dramatic transition over the past 18 months, due to the major developments taking place in this precinct,” Mr Ainsworth said.

“Some of Melbourne’s biggest developers have undertaken record size projects in this growing area of the Melbourne CBD.

Far East Consortium is about to delivered the second of four residential towers of Upper West Side, located on the corner of Lonsdale Street and Spencer Street. The project will consist of a total of 2,500 apartments when completed.

Central Equity is about to commence construction on part of the old AGE site on Lonsdale Street.  The $220 million development is expected to accommodate more than 1000 new residents with two towers of 36 storeys and 46 storeys approved.

CBUS have already started construction on the new Victoria Police headquarters on the corner of Spencer Street and La Trobe Street, which is due to be delivered in  2014.

These developments have helped drive significant growth in the surrounding area, with Southern Cross Train Station having reported strong turnover figures from the major retailers within the station including Woolworth and Hungry Jacks.

“This investment and growth has recreated the north west corner of the Melbourne CBD,” Mr Ainsworth said.

“Retailers have identified this trend and are now seeking to secure a presence in this pocket of the CBD to take advantage of the influx of residence, office workers and commuters. “