The Perth CBD continues to mature as a premium hub for international retail brands, according to global property advisor Savills.
The Perth CBD continues to mature as a premium hub for international retail brands, according to global property advisor Savills.
Savills’ latest Perth CBD Prime Retailing research report highlights the growing international flavour of the city’s central retail precinct.
The most recent international addition to the Perth CBD retail mix is the landmark 1,044 sq m Apple retail store, with its distinctive glass exterior, on Hay Street.
The new Apple store, the first of its kind in Perth, was leased by Savills and opened its doors in late June.
It is located just two buildings down from Wesley Quarter, where Savills brought a number of other premium international retailers to Perth for the first time, including the likes of Burberry, Emporio Armani and Jan Logan.
Chris Ireland, Savills’ Perth-based National Head of Retail Services, said the Apple store has added an exciting new element to the Perth CBD retail offering.
He said Perth shoppers now have access to range of international luxury retailers, focused on the Hay Street precinct between William and King Streets.
“Some of the world’s biggest retail brands have opened in Perth for the first time over the past year, and a number of others are looking at opportunities here,” Mr Ireland said.
“We are in constant communication with international retailers through Savills’ global office network, and there is strong interest in high-profile store opportunities in the Perth CBD.”
“Perth shoppers are no longer deprived of choice for international luxury brands, with a particular focus now on Hay Street between William and King Streets attracting high profile tenants.
According to the Savills Perth CBD Prime Retailing report, the Perth retail sector is benefiting from solid underlying economic fundamentals, led by strong population growth and low unemployment.
“These fundamentals are expected to continue to drive Perth’s retail sector and support property values and retail spending in second half of 2010,” said Helen Swanson, Savills WA Head of Research.
“In addition, the revised MRRT resources tax proposal and flagged government infrastructure initiatives to further define a prominent Perth CBD shopping precinct continues will continue to buoy Perth’s retail market going forward.”
According to the Savills research report, the Perth CBD prime retailing market had a vacancy rate of 8.15% in June 2010.
The report identifies 30,777 sq m of new retail space currently under construction within the Perth retail precinct, all of which is due for completion by the end of 2012.
Retail rents in the Hay Street mall currently range from $2,000 per sq m to $4,700 per sq m, according to Savills.