Adelaide, 28 June 2016 – Furniture and homewares retailer Vast Interior is poised to open its first store in South Australia after leasing a showroom in Eastwood.
Founded in 1999, the franchise currently has more than 40 outlets across Australia and New Zealand.
South Australia is the next frontier, following the signing of a circa 620 sqm lease deal at 113-115 Glen Osmond Road.
CBRE’s Matt Willis negotiated the 3 + 4 year lease over the architecturally designed showroom, which is situated just a few kilometres from the Adelaide CBD.
“Furniture retailers are generally the slowest to return to the market when market conditions improve,” Mr Willis said.
“The fact that the furniture industry is becoming increasingly active in South Australia is a sign that the market is back on an upwards trend. This resurgence has largely been due to the strong growth seen in the household goods sector.”
Vast Interior is the latest furniture retailer to enter the South Australian market following the likes of Ashley Furniture, Matt Blatt, Focus on Furniture and Ishka.
“Several other eastern seaboard based companies are looking to enter, re-enter or expand in the current market, which is a very positive sign for the South Australian retail sector,” Mr Willis noted.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
