CRS Property is excited to announce the successful leasing of the ground floor retail premises at 38 Puckle Street, Moonee Ponds to leading Australian optical retailer Bailey Nelson, further reinforcing the ongoing evolution of one of Melbourne’s strongest metropolitan retail precincts.
Bailey Nelson, renowned for providing trusted and high quality optometry services have secured a new five-year lease at a net rental of approximately $550 per square metre, highlighting continued confidence in the Moonee Ponds retail market and the strength of well-positioned high street assets.
The transaction comes at a time of significant investment and repositioning within the immediate precinct. The recent opening of McDonald’s immediately adjoining the property, together with the neighbouring Palace Cinema, has further enhanced foot traffic and strengthened the area’s appeal to national retailers and consumers alike.
CRS Property’s Lou Montalti, who negotiated the leasing transaction, said securing Bailey Nelson was an outstanding result for both the property and the broader retail strip.
“Bailey Nelson is a highly respected national brand with a contemporary retail offering and a loyal customer following. Their decision to establish themselves at 38 Puckle Street reflects the growing confidence retailers have in Moonee Ponds as a destination. Combined with the recent arrival of McDonald’s and the established Palace Cinema, this leasing further elevates the quality of the precinct and contributes to its long-term vitality.”
Lincoln McConnell-Brown, Senior Principal and Head of Asset Management at CRS Property, said the outcome delivered an excellent result for the landlord while further strengthening the firm’s managed portfolio.
“Securing an A-grade national tenant such as Bailey Nelson is another strong addition to our management portfolio and delivers the type of secure, long-term income our landlord client was seeking. Quality covenant tenants continue to underpin investment performance, and this leasing demonstrates the value of proactive asset management in attracting leading retail brands to well-located assets.”
The leasing reflects continued demand from established national retailers seeking strategic locations within Melbourne’s high-performing suburban retail centres, with Moonee Ponds continuing to benefit from ongoing investment, improved amenity and increasing consumer activity.
About CRS Property
CRS Property is a trusted commercial real estate agency specialising in sales, leasing, and property management across Victoria. With deep market knowledge and a client-first approach, CRS Property consistently delivers outstanding results for property owners and tenants alike.
Strategy. Delivered.
Media Contact:
Lincoln McConnell-Brown
CRS Property
Phone: 0400 69 89 53
Email: lincoln@crsproperty.com.au
Website: www.crsproperty.com.au
