Colliers has secured a second home for Abacus Bar & Kitchen set to open on 549 St Kilda Road, following the success of the Chapel Street location and as part of its rapid expansion trajectory.
The deal was secured by Colliers Retail Leasing agent, Tom Larwill, who found a 265 square metre turn-key opportunity with a high-end kitchen fit out and expansive outdoor setting.
Larwill said many experienced operators are currently seeing an opportunity to aggressively expand and are looking for turn-key opportunities with existing fit outs in prime locations.
“Food and beverage providers along St Kilda Road have struggled to build back up after the pandemic, as many office buildings along the strip were mostly empty. However, since the new year, we have seen a spike in enquiries along St Kilda Road from experienced operators seeing the increase of workers returning to the office,” he said.
Colliers data reveals that vacancy for A Grade spaces along St Kilda Road has decreased from 19.6% in July 2022 to 19.2% in January 2023, being the first time since January 2020 that the area is experiencing a positive net absorption.
“Having a notable hospitality vendor like, Abacus committing to the St Kilda Road location is a positive sign not only for retailers along St Kilda Road, but it also shows that the precinct is back in business with employees returning to the surrounding offices,” Larwill added.
Abacus Bar & Kitchen is scheduled to open additional venues at Melbourne’s Emporium and Chadstone later this year.