Melbourne, 23 July 2013 – International restaurant franchise T.G.I Friday’s will open its latest Australian outlet at the Southbank retail precinct in Melbourne.
CBRE’s Zelman Ainsworth concluded the 10-year lease deal for a 621sqm restaurant space at Freshwater Place.
“The lease highlights the continued strength of the Southbank retail and hospitality precinct,” Mr Ainsworth said.
“Southbank has experienced significant growth over the past five years, and outperformed many other major retail precincts in Melbourne.”
The space to be occupied by T.G.I Friday’s was previously tenanted by popular Korean restaurant YAR.
T.G.I Friday’s will be joining other major retailers in Freshwater Place, including The Meat & Wine Co, McDonalds, 7-Eleven, Subway, Cafenatics, Kenny’s Bakery, Bluebag Café, In a Rush Café and more.
T.G.I. Friday's is the world’s largest full service, casual dining restaurant chain with over 1,000 restaurants in 61 countries. T.G.I. Friday's was established in New York in 1965 and arrived in Australia in 1995 with the opening of a first restaurant at the Jam Factory in Melbourne, which has recently been refurbished.
Mr Ainsworth said; “The increased demand from major international hospitality operators to secure a presence in Southbank can be accredited to the significant residential and commercial growth in the area. Some of Melbourne’s biggest developers have started construction on major projects such as Schiavello & PDG’s Prime Pearl apartments consisting of 670 units and Central Equity’s Southbank Grand which consists of 350 apartments.”
Also in the planning is a third office tower by Australand at Freshwater Place, the ongoing refurbishment of the Crown Complex and the State Government’s refurbishment of Hamer Hall.
“All this activity continues to increase the number of office workers, residence and visitors in the area,” Mr Ainsworth said.
“Over the past four years we have noticed a major increase in the demand from retailers wanting to establish a presence in this well positioned retail precinct and this increased demand has pushed the rents up in the area.”
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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 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 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 atwww.cbre.com.au.