Doughnut Time leases on Melbourne’s Swan St at 36% rental premium
Confectioner Doughnut Time has paid a 36 per cent premium on the asking rental to move into the Swan Street retail strip in Melbourne’s Richmond.
The 174 Swan Street shop was let at $75,000 per annum net on a five-year term with options. The asking rental had been $55,000 per annum.
The shop has a space of 175 square metre.
“There is no doubt the Swan Street strip is fast becoming a hot strip for national food retailers,” said Teska Carson’s Fergus Evans, who brokered the deal.
“We had the property on the market for just two weeks and were inundated with requests for inspections,’’ Evans said.
Doughnut Time has expanded its business to 23 stores since the opening of its first hole-in-the-wallstore in Brisbane's Fortitude Valley in February 2015.
The lessor is a Melbourne-based private investor.
