The inner Perth suburb of Belmont is being revitalised, with the opening of a new Italian restaurant helping underpin the area’s revival as an emerging dining destination.
Tavolo Bar & Kitchen is the newest entrant to the Belmont dining scene, leasing a 420sqm site at the front of the Reading Belmont Cinema complex to accommodate its restaurant/pizzeria.
CBRE’s Craig Olde, who negotiated the lease on behalf of Reading Cinemas, said the deal highlighted Belmont’s increasing appeal as a social and dining hub.
“Belmont has previously struggled to compete with nearby popular eating spots such as Victoria Park and Burswood, however operators and landlords in the area are recognising a new demographic and changing consumer demands in the greater surrounding region,” Mr Olde said.
“The ongoing redevelopment of Belmont Forum is also fuelling the area’s revival, with more modern food and beverage offerings helping attract and retain diners to the area.”
Mr Olde said the introduction of new restaurants would help further activate the precinct and leverage off the popular cinema precinct.
“Reading Cinemas draws massive visitation numbers, and greater eating options will help ensure more people visit the area for dining and social activities,” Mr Olde added.
Tavolo has committed to a 10-year lease at the site, with the lessee also operating a successful café business in the area, which has helped ensure their understanding of the local market.
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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.