Local food and beverage (F&B) retailer, Café 63 has acquired two adjacent tenancies within Brisbane’s biggest large format retail centre, Homemaker The Valley.
In a move that exemplifies inner Brisbane’s residential development activity and related retail markets, Café 63 has followed a series of local and national retailers in securing space in the centre – which is currently being re-imagined by owners Altis Property Partners.
CBRE’s Nikki Zammit and Eloise Oakes negotiated the lease for the 270sqm space, which was recently created to expand the available F&B options at the centre.
Café 63 committed to an eight year tenancy, taking the well-known inner Brisbane boutique to a chain of eight outlets.
Ms Zammit said Café 63 was selected because it best suited Homemaker The Valley’s customer base, and it had the added dimension of opening early to cater for the weekday breakfast trade.
“Café 63’s strategy, branding and systems were important factors considered in the selection of the operator to fill the prominent space created by Buchans Architects at the centre’s entrance,” said Ms Zammit.
Ms Oakes said that the proposed F&B additions will further enhance the consumer retail experience, providing space and ambiance to consider or celebrate their purchase decisions.
The increased representation of F&B tenants in the centre follows a broader national trend, identified by CBRE’s recent retail Marketview report, whereby changing lifestyle habits, greater food awareness and a preference for longer trading hours are driving increased landlord demand for F&B tenants.
“A number of key national and local retailers are currently demanding space within the centre, attracted to the excellent residential growth profile of the surrounding location and strong performance of existing retailers within the centre,” said Ms Oakes
Comprising approximately 38,000sqm, Homemaker The Valley houses over 35 retailers, including Freedom, Domayne, Aldi and Trade Secret, and offers lifestyle amenities such as cafés a full line gym and a brand new start of the art Guardian childcare centre.
CBRE are involved in managing and upgrading the centre and continue to look for new F&B, homemaker, office and other retailers as potential additions to the centre.
Homemaker The Valley is split across two adjacent sites and benefits from excellent exposure to passing traffic. The centre offers parking for over 650 cars, in a location just 1.5km north of the Brisbane CBD.
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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 (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.