The City of Melbourne has announced plans to transform four of its iconic laneways into leafy, green and useable spaces - in a move that is expected to unlock new retail activation opportunities.
Katherine Place, Meyers Place, Guildford Lane and Coromandel Place have been identified as the first laneways to receive a green transformation, as part of the ‘Green Your Laneway’ project which launched in 2015.
CBRE’s Paul Tzamalis said the project is expected to further add emphasis to buyer interest for laneway properties and increase property values in these laneways.
“Buyers are becoming increasingly environmentally conscious and therefore the opportunity to obtain space in a ‘Green Laneway’ will appeal to a variety of occupiers and investors.”
The ‘Green Your Laneway’ project is predicted to become a significant draw-point in the sale of 28 Coromandel Place, which is being brought to the market by VIMG.
Mr Tzamalis, along with Tom Tuxworth of CBRE’s City Sales team, will be negotiating the sale via public Expressions of Interest concluding in early April.
The 115sqm retail space offers six metres of laneway frontage and is located alongside renowned Melbourne café Oli & Levi.
“The revitalisation of Melbourne’s laneways through the ‘Green Your Laneway’ is a strategy to help activate secondary locations and sustain continued demand from retail operators.”
“The attitude in Melbourne has always been the harder it is to find, the better it is, and we feel the Coromandel Place revitalisation, and the sale of this retail offering, will definitely encompass that ethos and appeal to boutique retail fashion and hospitality operators.”
Construction of the ‘Green Laneways will commence July to August 2016.