14/05/2009 - 00:00

Claremont still leads in retail rental stakes

14/05/2009 - 00:00

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BAY View Terrace in Claremont has the highest suburban retail strip rents in Western Australia and the fourth highest in the Pacific region, according to a CB Richard Ellis report.

BAY View Terrace in Claremont has the highest suburban retail strip rents in Western Australia and the fourth highest in the Pacific region, according to a CB Richard Ellis report.

At March 2009, average net face rents on Bay View Terrace reached $1,780 a square metre, with South Terrace in Fremantle ranked second in the state at $1,600/sqm, and St Quentins Avenue Claremont third at $1,150/sqm.

WA had two entrants in the top 10 ranking in the report, which tracks 44 of the highest profile suburban shopping strips in Australia and New Zealand.

Bay View Terrace slipped ahead of Oxford Street in Sydney in the latest survey to take number four position, with three strips in Queensland - Cavill Avenue in Surfers Paradise, Hastings Street in Noosa, and The Esplanade, Moloolaba, ranking first to third. It was the fifth year running that Cavill Avenue ranked as the most expensive strip with an average net face rent of $2,400/sqm.

Among other suburban retail strips in Perth, Rokeby Road ranked as the state's fourth most expensive strip at $1,050/sqm, followed by Oxford Street in Leederville and Beaufort St Mount Lawley (both $775/sqm).

The six prime suburban retail strips in WA outperformed all other states over 2007 and the start of 2008, with average rental growth of 11.2 per cent in the year to March 2008. But rents remained static for the year to March 2009.

"Western Australia experienced fairly strong retail turnover growth over 2008 of 3.6 per cent, which helped maintain rental levels, despite many other negatives including high petrol prices and a slowing residential sector," CBRE retail services director Fred Clohessy said in a statement.

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