DOUGHNUT TIME ROLLS INTO MANLY
Written on the 20 September 2016
DOUGHNUT Time continues its Australian domination, after rolling out another store in Sydney.
The gourmet doughnut chain has inked a five-year lease on its signature hole-in-the-wall style store at The Corso in Manly.
The property, comprising 40sqm retail space and 24sqm basement area, was negotiated at a rental of $125,000 net per annum.
CBRE agent Toby Silk negotiated the lease deal on behalf of private lessor Nick Nicolaou.
He says the property is positioned to capitalise on the high volume of foot traffic from the Manly Ferry.
"Reflecting a strong square metre rate of $3,850 per square metre on retail space, this deal highlights the strength of demand for well-located retail sites in premium locations," Silk says.
"The Corso is one of the most desirable locations for retailers and eateries on Sydney's North Shore, capitalising on the some eight million visitors that travel to Manly each year.
"Doughnut Time saw Manly as a strategic location to expand its growing business, with the area heralded as one of Australia's top tourism destinations."
The newest location marks Doughnut Time's transformation from a single store in Fortitude Valley about 16 months ago, to more than 27 stores around Australia.
Founded by serial entrepreneur Damian Griffiths, the company has also recently teamed up with the Melbourne-based Besen family as an investment partner.