It's right in the middle of Churchill Rd, which covers a wide demographic from near city Prospect/Fitzroy, out to Kilburn near Grand Junction Rd.
Might be a good spot, combined with the new housing, and next to the train line.

Regency Plaza Shopping Centre, where the Woolworths used to be - what's going in there?
Cnr Main North Rd and Regency Rd.
Work being done now.