GREEN LANEWAYS TO UNLOCK NEW RETAIL OPPORTUNITIES
Written on the 22 March 2016
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.