Readings leases shops from cinema owner
Lido Cinemas owner Eddie Tamir has secured Readings to three of five adjoining Hawthorn properties amalgamated since 2010.
The bookstore is paying starting annual rent of $320,000 for the heritage listed ex-ANZ bank at 687 Glenferrie Road, and a neighbouring double fronted ex-mobile repair shop and jeweller, at #683-685.
All up, the tenancy will offer 469 square metres, the bulk (345 sqm) on the ground floor.
The initial lease term is 10 years.
Fitzroys’ Chris James was the agent.
LPC Cresa’s Dylan O’Connell represented Readings.
Next chapter for historic bank
Readings plans to fit out the c1920 Edwardian bank and neighbouring shops as a regular and children’s book store.
“This deal is a great win for both Readings and Lido, reinforcing the Lido Cinemas and surrounding shops as Hawthorn’s premier lifestyle and entertainment hub,” Mr James said.
“Readings now has a prime position in one of Melbourne’s many shopping that’s have seen strong improvement in trading and [occupancy] over the year,” he added.
“Readings was attracted to the high profile site, located immediately next door to the Lido Cinemas, and the established and affluent catchment that Glenferrie Rd services, while also attracting strong day-to-day activity from Swinburne University students and students from the large number of sought after schools in the area,” according to the executive (story continues below).
“The Lido Cinemas and surrounding shops have undergone an impressive transformation in recent years…attracting some big name tenants including Axil Coffee, Plaka Gyros and Kurtosh”.
Retail vacancy in the strip dropped to 7.9pc at the end of last year compared to 12.9pc for 2021.
Eddie Tamir’s near-acre amalgamation
Mr Tamir acquired 683-687 Glenferrie Rd from Coles for $10.2m in 2019; all up the shops cover 944 sqm.
Their southern boundary abuts the Lido Cinemas – the ex-Glenferrie Theatre – on 1437 sqm at #673-681, which the businessman purchased for $15m in 2010, and occupies.
Last year, the cinema owner stretched his holding north, acquiring the Coles supermarket on 1444 sqm at #689-699, for $24.5m, setting a record low yield for Australian supermarket of 1.9 per cent.
That property is a passive investment, with the supermarket’s lease having over 20 years to run.
Emmetts’ Charles Emmett was the agent.
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