Mediterranean eatery lease South Yarra fitted space

A fitted space on Commercial Road in South Yarra is the latest be snapped up by a hospitality operator.

The hospitality operator is looking to take advantage of the increased demand for takeaway and delivery services.

Lewis Waddell of Fitzroys leased the 150 sqm property at 151 Commercial Road to a Mediterranean eatery at $55,000 per annum plus outgoings and GST, on a secure 4+4-year term.

Waddell said tenants are also taking a longer-term view beyond the current environment. The property’s proximity to the Prahran Market and the amenity and accessibility of the Chapel Street retail and lifestyle strip were an attraction. 

He said the possibility that people will be working from home more often in the future, and the surrounding established residential catchment would further add to the locations’ trading viability across all hours.

Waddell said fitted hospitality spaces are being snapped up by food and beverage operators adapting to changes in the hospitality sector.

Fitzroys has secured 72 leases since the State of Emergency was declared. This includes 45 retail deals, of which 48% have been to hospitality tenants. Coming into this year, food and beverage operators accounted for around 29% of tenants throughout the retail strips, according to Fitzroys research.