Friday, 8 April 2011

Cocoa Nomour?

Cocoa Amour in Grafton St was closed today, and KS has been told the Esplanade shop also didn't open?

Has the explosion of coffee shops begun to reach market saturation? CoffeeWorks will be opening a CBD outlet in Spence St next week with the sexy bright purple signage already in place!


Fosnez said...

Well that's a pity... Cocoa was quite a good spot.

CBD Warrior said...

The Chinese operators have been rude and annoying, at least at the Esplanade location. Note that the Esplanade Gloria Jeans has reopened, too.

And one has to wonder about their commitment to our community when they continue to use a delivery vehicle with a Victorian rego.

Arthur said...

What is it that they sell at Gloria Jeans? It's not coffee. CA wasn't all that crash hot. With the wonderful benefit of hindsight, the prices were above market and the goodies were what I might describe as mutton dressed up as lamb. I've had better croque monsieur and better coffee elsewhere, although I will defend their jam doughnuts.

CBD Warrior said...

The owner of the Cocoa Amour building on the Esplanade attempted to sell it today. The small building houses a Thai restaurant upstairs (used to be the Chapel), and the auction was held in the shuttered Cocoa Amour space. Several known cashed-up Cairns investors were in attendance. With the income from the Thai place as well as possible income from the coffee shop space, the sale price would be in the $1M range to get a reasonable return. It was with shock therefore that the auctioneer announced that the "vendor starting bid" was $2.5M!!! One bidder laughed and walked out. There were no "real" bids proffered, with the property passed in.

Rents need to fall in the CBD for it to be viable. These negative-gearing plays are killing business in Cairns.

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