MEDIA RELEASE 23 March 2021
Jewellers Arbor Brunswick are moving into a larger premises within Brunswick’s Sparta Place, in a promising sign that small retail businesses are expanding during the COVID period.
Fitzroys Agency Associate, Ervin Niyaz negotiated the off-market lease at 1 Sparta Place, securing a long-term five-year lease plus option for the private owner at $37,500 per annum.
Located within Melbourne’s popular Sydney Road lifestyle and hospitality precinct, the refurbished 100sqm property is opposite the landmark Mariana Hardwick building.
“This was a clean deal relocating the jeweller from across the way in Sparta Place. This open gallery space is very well suited to them as they are expanding and need the additional floor space.”
“It’s a positive sign to see small retail business explaining during COVID-19 and securing long-term deals,” Niyaz said.
He said there has been a notable rebound in suburban retail leasing enquiry since Melbourne’s circuit-breaker lockdown in February.
“The focus on leases throughout Melbourne’s shopping and lifestyle precincts has been further spurred by more people working from home and shopping locally. Melburnians have been visiting their local shopping strips to have a coffee, something to eat, catch up with people and to take a break from their working day.
“Operators are recognising this and confidence in the future of the suburban retail strips has returned. We are seeing a number of leases being struck on extended terms.”
The property is surrounded by renowned cafés, bars and specialty retailers, and the area’s popularity with young families, students and professionals has seen demand significantly increase for medium and high-density housing. These include future landmark developments by major institutional players Mirvac and Stockland, and the ongoing addition of projects by local developers such as Milieu and Neometro.
“The area continues to receive investment from local Council and developers looking to keep up with demand from residents and businesses,” Niyaz said.
