Furniture Stores Preston Homemaker Centre – The new retailer has signed a seven-year lease for the 1,120 sq ft unit previously occupied by Barbecues Galore.
Leadwell Property’s Chris Parry, Tom Perkins and Nick Segran said the deal was completed during the closure of Victoria’s Stage 4. Several companies had shown interest, they added.
Furniture Stores Preston Homemaker Centre
In recent transactions within the complex at 19-33 Murray Road, rents were between $285 and $325 per square metre.
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“Following the annual reporting period, large format retailers demonstrated a tenant base that was resilient to the COVID environment and outperformed their retail peers,” said Mr. Parry (story continues below).
“Officeworks grew by 20.4 per cent, The Good Guys by 11.2 per cent, Baby Bunting by 11.8 per cent, Adairs by 12.9 per cent, Beacon Lighting by 2.6 per cent and Bunnings by 13.9 per cent,” he added.
“Despite the headwinds in the retail market due to COVID-19, there still appears to be demand for a high-quality retail mix and strong … fundamentals.”
“The Australian Bureau of Statistics confirmed on Friday that retail sales revenue rose 3.2 per cent (seasonally) in July last month.
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“Household products, which represent a large segment of tenants in large shopping centers, led the way with a healthy four percent increase,” the CEO said.