Furniture Stores Preston Homemaker Centre – The new retailer has signed a seven-year lease for the 1,120 sq ft unit formerly occupied by Barbecues Galore.
Leedwell Property’s Chris Parry, Tom Perkins and Nick Segran said the deal was negotiated over a stage four block in Victoria. Many businesses have shown interest, they added.
Furniture Stores Preston Homemaker Centre
New offers within the complex at 19-33 Murray Road rent for between $285-$325 per m², pa.
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“Following the annual reporting period, large format retailers have shown a tenant base that has been resilient to COVID and is outperforming their retail peers,” Parry said (story continues below).
“Offices saw a 20.4% increase in turnover, The Good Guys 11.2%, Baby Bunting 11.8%, Adairs 12.9%, Beacon Lighting 2.6% and Bunnings 13 .9% he added.
“Despite headwinds in the retail market as a result of COVID-19, large-format retail locations with a mix of high-quality and solid…core retail still appear to be in demand.”
“The Australian Bureau of Statistics on Friday confirmed a 3.2% (seasonally adjusted) rise in retail turnover for July last month.
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“Home appliances, which represent a large part of the tenants of large-format shopping centers, led the charge with a healthy increase of four percent,” said the executive.