The gourmet donut specialist has signed a five-year lease on the hole-in-the-wall retail shop on 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 $3850 per square metre on retail space, this deal highlights the strength of demand for well-located retail sites in premium locations,” 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,” 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.
Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.