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The University of Melbourne’s $200 million Parkville redevelopment has attracted strong interest from retailers in the project’s first phase.
National and local brands have quickly snapped up space in the updated student precinct, which is due for completion at the end of the year.
Colliers’ Adam Lester and Jennifer Tai report that they have leased close to 750 square metres of the 1,575 square metres available, to 13 commercial tenants looking to serve the university’s student cohort.
The ventures currently slated to move in include: Health Smart Pharmacy, Rice Workshop, Thailander, PappaRich, The Campus General Store, Cosmos by St ALi, St ALi, Gong Cha, Passeggiata, Superfragilistic, Roll’d, Zambrero and Moonfish.
“We have been inundated with overwhelming demand from retailers who are attracted to the opportunity to invest in these new, open common spaces for students and the public, where there is a strong focus on sustainability and community,” Mr Lester said.
“It is a very wide ranging tenancy mix, featuring an array of food and beverage retailers alongside supermarket, health and general retail offerings,” he added.
Located on the corner of Grattan and Swanston Streets, at the centre of the University of Melbourne’s Parkville campus, the new student precinct involves the redevelopment of an entire 37,000-square metre city block comprising over seven buildings, as well as the surrounding landscape.
The University of Melbourne’s head of property, Adam Perry, remarked that the educational institution was pleased that retail opportunities in the updated facilities had proven so popular.
“We are thrilled to see the overwhelming interest from such renowned retailers looking to secure their position at the heart of this bustling precinct,” he said.
“The New Student Precinct provides a place for students, staff and the wider community to engage, learn and grow, and is central to delivering the university’s ambition for a world-class campus-based student experience,” Mr Perry commented.
Ms Tsai highlighted the appeal for businesses looking for a high-foot traffic environment.
“The new precinct will offer laneways and spaces for dining and social interaction, which will be positioned along high-traffic pedestrian routes, offering a mix of fast casual dining, quick service restaurants, ‘grab & go’ and cafés, while the retail offering will be centred on convenience and daily essentials,” she said.
The new centre’s popularity aligns with a report issued by the Property Council earlier this year that identified commercial partnerships as a way for the country’s educational institutions to increase their land value and, in some cases, get out of the red.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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