This article is from the Australian Property Journal archive
MELBOURNE’S Bridge Rd Richmond shopping strip has seen a fall from grace in recent years, registering vacancy rates of around 20%, but businesses are still looking for space in the precinct.
Teska Carson’s Luke Bisset has recently negotiated three deals, at 180 Bridge Road, Shop 2, 153-165 Bridge Road, and 130 Bridge Road.
Apato Furniture has agreed to terms over the 170 sqm at number 180 – which had been vacant for more than 18 months – and will pay $36,000 per annum net for what will be its second store after its flagship site at nearby Swan Street.
Vodafone has signed by for a 65 sqm space at $35,000 per annum net with Little Projects’ 153-165 Bridge Road, and an accounting firm inked a leased over 77 sqm at number 130 at $24,000 per annum net.
Bisset said that while Bridge Road is still tough, there is light at the end of the tunnel.
“Richmond remains very attractive to new residents because of its close proximity to the CBD and that is driving apartment development, while there is also a trend to office users moving into Richmond and Cremorne.
“Both of those developments mean the population of Richmond is swelling and logically that growth will increase the retail catchment and in turn that can only be a good thing for retailers,” he added.
Bisset said the central location, easy client and staff accessibility via public transport, close proximity to key roads, the plethora of affordable dining options, the café culture and boutique fashion houses, were still important factors, and along with population growth would ultimately underpin its revival.
Australian Property Journal
