Gross Waddell ICR is pleased to introduce our new column – Hotspot Report.
A concise snapshot of key tenancy trends, retail gaps, demographics, rental figures, rates and tax changes, plus the factors driving each area’s success.
Were Street, Montmorency
Located approximately 18km north-east of Melbourne’s CBD, Montmorency sits between Ivanhoe and Eltham and is home to an estimated 9,459 residents (2024).
The suburb boasts a strong, community-minded demographic known for its loyalty to local businesses. The area has a median house price of $1.1 million, reflecting its popularity among families and professionals.
Local Retail Strip: “Monty Village”
At the heart of Montmorency is Were Street, affectionately known as “Monty Village” by locals. Anchored by Montmorency train station at the lower end and Montmorency Primary School at the other, the street blends convenience with community charm.
Recent upgrades to Were Street Reserve in 2023 have enhanced the public space with new seating and local art, reinforcing the area’s leafy, village-like appeal.
Retail Mix
The strip is home to a small but thriving retail mix, including three highly popular cafes and a local wine bar, key social hubs for the community.
Currently, the street comprises approximately 47 tenancies, broken down as follows:
Recent leasing activity shows rental properties ranging from 65-133 sqm, with asking rents between $390-$450 per sqm, contributing to a notably low vacancy rate.
Aside from key tenants like Foodworks and Bakers Delight, the strip features very few franchise retailers. As local popularity grows, this could present opportunities for further brand presence in the future.
Currently, giftware, hair & beauty, and food outlets make up approximately 51% of all occupiers, a mix consistent with similar neighbourhood retail strips.
Across other Gross Waddell ICR-managed properties in the City of Banyule, we’ve observed council rate increases of 3.7%-8.8%, reinforcing the area’s upward growth trajectory.
