TWO service retailers have leased space within the Polaris Town Centre in Melbourne’s north.
Fitzroys agency executive Lewis Waddell has negotiated two leases at 1056 Plenty Rd Bundoora, to a laundromat and a nail and beauty salon.
The laundromat has leased the 94 sqm space on a long-term 6+6+6-year deal at $48,000 per annum plus outgoings and GST. Their fit-out is being undertaken by turnkey solutions firm Your Laundry.
L2 Nails Salon has leased the 107sqm space at $55,000 per annum plus outgoings and GST on a 4+4-year term.
Waddell said the property was originally a retail space of around 200sqm, but the high volume and type of enquiry received prompted Fitzroys to advise to the owner to split the space into two smaller tenancies.
“The move has paid off quickly, which reflects the demand for smaller format service retailers,” he said.
Waddell said L2 Nails has existing operations in the busy CBD and the blue-ribbon suburb of Malvern, and identified the new space as ideal for its expansion and for the growth of its business, in line with the growth of the younger neighbourhood and catchment. He said Melbourne shopping strips have recently seen a shift towards service retail, and offerings such as medical clinics and health services, dentists, optometrists, hair and beauty salons, laundromats and gyms.
“They are now a staple of retail precincts across the suburbs as well, with the trend seen in the planning and enquiry for retail spaces in Melbourne’s newest communities.
“Services have joined hospitality operators in increasing their presence throughout shopping precincts across Melbourne in recent times. It remains difficult for the online world to replicate those types of offerings,” he concluded.
