Spring Capital has leased two adjoining tenancies at Goldfield Group’s recently completed 535 High Street, in Prahran East Village, for an IGA supermarket and liquor store.
The occupier will pay starting annual net rent of $165,000 for the 304 square metre ground floor space, which Morley’s Tom Larwill was also marketing from 129 sqm.
“A genuine supermarket has been the only thing missing in the immediate area,” according to the agent, who added the pocket has seen a “vast amount” of residential development recently.
The seven level Prahran East building designed by Hecker Guthrie and JCB Architects contains 44 dwellings and two townhouses.
There is another retail tenancy, measuring 243 sqm (story continues below).
The suburb is about six kilometres south east of Melbourne.
IGA operates a convenience and liquor store in the neighbouring South Yarra.
Vicland’s recently approved redevelopment of 489-505 Toorak Rd, Toorak – about 2.5km from 525 High St – is set to contain a Coles.
Time & Place and Woolworths last month unveiled plans for a five storey apartment project with full-scale ground floor supermarket at 173 Burke Rd, Glen Iris, about five km to the other side of the Goldfield Group complex.