Demand for Beaufort Street retail space continues to grow and the precinct has expanded north through to Inglewood as a result. A number of national and high profile local retailers have secured sites within Inglewood in recent weeks and rents are beginning to reflect the demand.
Sports Fever has secured a prominent tenancy in the B6 development situated on the corner of Sixth Avenue and Beaufort Street, and national travel provider Travel World has done likewise, opening a new store this July. A more recent deal however, has entrenched Inglewood firmly within the Beaufort set.
Flight Centre were keen to have a presence in Inglewood, which was testament to the area’s growth and the success of their other Beaufort Street store in Mt Lawley, and will open their newest store within Inglewood’s iconic, and recently refurbished, Clocktower building.
Lease Equity Associate Director Adam Musbah negotiated the lease and revealed that there was a large amount of interest in the property. “In the final days we had over a dozen interested parties looking at the site. We received offers upwards of $650 a square metre; however it was not solely the rental that was the determining factor for the Landlord. Our view was that Flight Centre was an excellent fit for this property and as a destination retailer with strong market share, they would provide the Landlord with a strong covenant.”
With the introduction of these high profile retailers, Inglewood is now firmly on the radar of other nationals. “Although Inglewood is attracting a new level or retailer, and Landlords are keen to secure them, there are also a large number of quality and experienced local retailers seeking sites along Beaufort Street. Unfortunately for them, there are not enough properties available. With demand high in the area we are witnessing converse trends to those currently taking place in financial markets. As most investors and Landlords are “battening down the hatches”, investors with land holdings along strips like Beaufort Street are embracing continued growth.”
Whilst Landlords are achieving record rents in Inglewood, they are still well below their neighbour, Mt Lawley. With demand this strong however, it may only be a matter of time before they align.
“I believe the Inglewood and Mt Lawley precincts will one day link and form one continuous retail strip.” Mr Musbah added.
Inglewood is not alone in its rejuvenation and increased demand from retailers. Adjoining strips such as Eighth Avenue in Maylands have started to evolve in recent months. The Match Group’s Maymont mixed use development on the corner of Eighth Avenue and Whatley Crescent will form an integral part of the Eighth Avenue High Street and be the catalyst for a new retail and commercial precinct.