Manly hits the sweet spot for Doughnut Times national rollout
Manly hits the sweet spot for Doughnut Time's national rollout
| 20 September 2016
Gourmet doughnut specialist Doughnut Time continues its expansion across Australia, with the Manly Corso on Sydney’s North Shore the home of its newest outlet.
Doughnut Time signed a five-year lease on the hole-in-the-wall retail shop at 2A The Corso, which comprises 40sqm retail space and 24sqm basement area.
Positioned in one of the most sought after retail strips on Sydney’s Northern Beaches - The Corso - the property is positioned to capitalise on the high volume of foot traffic from the Manly Ferry.
CBRE’s Toby Silk, who negotiated the lease deal on behalf of private lessor Nick Nicolaou, said the deal was evidence of the strong demand for central retail locations.
“Reflecting a strong square metre rate of $3,850 per square metre on retail space, this deal highlights the strength of demand for well-located retail sites in premium locations,” Mr Silk said.
“The Corso is one of the most desirable locations for retailers and eateries on Sydney’s North Shore, capitalising on the some eight million visitors that travel to Manly each year.”
The property, which was negotiated at a rental of $125,000 net per annum, is also positioned next door to the proposed Manly KFC.
“Doughnut Time saw Manly as a strategic location to expand its growing business, with the area heralded as one of Australia’s top tourism destinations,” Mr Silk added.
The deal follows Doughnut Time’s recent expansion from a small hole-in-the-wall store in Brisbane Fortitude Valley some 16 months ago to just over 27 stores, with outlets in Brisbane, Sydney, Melbourne and the Gold Coast. The company founded by Damian Griffiths recently took on an investment partner, the Melbourne-based Besen family.
The deal is one of a number recent deals in Manly’s commercial market transacted by CBRE, with a recent office lease in Rialto Lane further evidencing the area’s growing appeal.
Behaviour design experts Tobias & Tobias has committed to a four-year term on a brand new office space on the second level of 29 Rialto Lane.
Comprising a net lettable area of 129sqm, the property was negotiated at a rental of $115,000 per annum – reflecting a strong rate of $891 per square metre.
“Previously a service lane, Rialto Lane is being gentrified into an attractive commercial district,” Mr Silk said.
Doughnut Time is due to open on Saturday the 17th September and is offering free doughnuts from 10am to midday.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.