Melbourne’s renowned laneways are attracting the attention of internationally recognised retailers following the signing of a major tenant at Rankins Lane.
Macpac, an international outdoor apparel retailer, has leased a 120-year-old former stable in Rankins Lane as well as a small retail shop around the corner on Little Bourke Street.
Knight Frank retail director, Gary Loo, said Macpac’s decision in leasing the two level warehouse was based on several factors, including the tenant’s desire to move closer to the “core” of Melbourne’s outdoor leisurewear retailers, the attractive historic building itself, and the location of the property in a laneway.
He said, “Little Bourke Street (between Elizabeth and Hardware Lane) is especially attractive to tenants due to the distinctive building facades and the eclectic tenants along the various shopfronts.
“The many lanes that branch off Little Bourke Street and other laneways in a north-south direction also house one-off occupiers including designers, architects, retailers and indie cafes,” he added.
Mr Loo said that Melbourne’s CBD laneways not only has “sanctioned” graffiti, but are also clean and hospitable, and there is a long list of tenants wanting to join this inner circle (no pun intended), where they wait to be “discovered”.
The deal follows other leases in the precinct negotiated by Mr Loo, including the famous Seven Seeds café, Plat-A-Tac, Crumpler, Shuji Sushi and The Walking Company on Little Bourke Street.
Other recent deals in the precinct include Pie Face and Best Cuts, at the corner of Little Bourke and Elizabeth Streets, which was subsequently sold by Marcus Quinn and Langton McHarg of Knight Frank to a private investor off market for $3,600,000.
Mr Loo has placed many retailers in the city’s laneways including Embiggen Books, The League of Honest Coffee and Laksa Bar (Little Lonsdale Street), Kaldi Coffee (Flinders Lane), Rare Steakhouse (Mc Graths Lane), Voir Hair (Rainbow Alley) and a delightful bun shop in A’Beckett Street, and is constantly approached by tenants seeking laneway properties in the City.
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Notes to Editors
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank and its New York-based global partner, Newmark Knight Frank, operate from 245 offices, in 47 countries, across six continents. More than 7,067 professionals handle in excess of US$816 billion worth of commercial, agricultural and residential real estate annually, advising clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Company, please visit www.knightfrank.com