GREEN LANEWAYS TO UNLOCK NEW RETAIL OPPORTUNITIES

Written on the 22 March 2016

GREEN LANEWAYS TO UNLOCK NEW RETAIL OPPORTUNITIES

THE greening of Melbourne's iconic laneways is expected to unlock new retail activation opportunities in the city centre, according to CBRE.

The City of Melbourne announced last year plans to revitalise the popular precincts with initiatives such as vertical gardens, trees and so-called 'pocket parks'.

Katherine Place, Meyers Place, Guildford Lane and Coromandel Place are first in line to get the green treatment.

CBRE's Paul Tzamalis says the project will put a new focus on buyer interest for laneway properties and he expects the proposed transformations will increase property values in these laneways.

"Buyers are becoming increasingly environmentally conscious and therefore the opportunity to obtain space in a 'green laneway' will appeal to a variety of occupiers and investors," he says.

The city's Green Your Laneway project is expected to inject further interest in the sale of 28 Coromandel Place, which is being brought to the market by VIMG.

Tzamalis, along with CBRE colleague Tom Tuxworth, will be marketing the property through a public expressions-of-interest campaign that closes in early April.

The 115sqm retail space offers six metres of laneway frontage alongside renowned Melbourne café Oli & Levi.

"The revitalisation of Melbourne's laneways through the Green Your Laneway project is a strategy to help activate secondary locations and sustain continue demand from retail operators," says Tzamalis.

"The attitude in Melbourne has always been the harder it is to find, the better it is, and we feel the Coromandel Place revitalisation, and the sale of this retail offering, will definitely encompass that ethos and appeal to boutique retail fashion and hospitality operators."

Melbourne has about 200 lanes in the central city, but only a few have any greenery.

Construction of the initial green laneways transformation will run from July to August.


Latest News

SUPREME COURT ORDERS OCTAVIAR GROUP TO WIND UP

THE Queensland Supreme Court has ordered the Octaviar Group of companies (formerly known as MFS Group) to be wound...

CEOS BRAVE THE COLD TO RAISE $1.4 MILLION FOR THE HOMELESS

MORE than 400 executives confronted the cold last night in the annual Vinnies CEO sleepout, which took place benea...

JENNIFER WESTACOTT ON BANK TAX: IT EXPOSES GOVERNMENT "DESPERATION"

South Australia's new bank levy exposes the desperation of a government that is unable to get its own budget and ...

BASKETBALL'S COMEBACK CONTINUES WITH NBL CLUBS TO FACE OFF AGAINST CHINA'S NATIONAL TEAM

THE RESURGENCE of Australia's National Basketball League (NBL) continues with China's national team to play t...

Related News

BASKETBALL'S COMEBACK CONTINUES WITH NBL CLUBS TO FACE OFF AGAINST CHINA'S NATIONAL TEAM

THE RESURGENCE of Australia's National Basketball League (NBL) continues with China's national team to play t...

DOMESTIC TOURISM IN AUSTRALIA BREAKS RECORDS, INJECTS $61.7 BILLION INTO NATIONAL ECONOMY

DOMESTIC Australian tourists have spent a record breaking $61.7 billion on intra and interstate travel this year, acc...

THE DOCTORS WHO PLUNGED INTO THE SHARK TANK AND SURVIVED WITH A $500,000 INVESTMENT

THEIR mission is to change the face of cancer care with an app that empowers and connects patients and care givers...

IMF BRACES FOR BIG LOSS FOLLOWING WITHDRAWAL FROM SPOTLESS CLASS ACTION

LITIGATION fund IMF Bentham (ASX: IMF) is set to lose as much as half a million dollars after it ceases funding one o...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter