Strengthening confidence in New South Wales’ large format retail sector has sparked three new lease commitments at the Home Focus Bankstown centre in Western Sydney.
Focus on Furniture has opened its doors at the centre’s former Freedom Outlet store, after signing a seven-year lease on the 3,365sqm space.
Other new retailers at the centre include Vans Discount Centre, which has committed to a five-year term on 606sqm and Supplement Warehouse, which will occupy 227sqm on a five-year term.
Rentals in the vicinity range around $250 per square metre net.
CBRE’s Shane Cook said the recent transactions added to the centre’s already strong retail mix.
“These new additions come off the back of a strong renewal cycle at the centre over the past 12 months, with CBRE successful in renewing over eight retailers, including Nick Scali, Bing Lee, The Sleeping Giant, Baby Bounce, Mayne Rugs, Eminent Designs and Plus Fitness,” Mr Cook explained.
“In a further sign of confidence for the centre, safety equipment specialist RSEA has also expanded its tenancy from 600sqm to 1,000sqm.”
Mr Cook said strong demand for new space in existing and well established centres across Sydney was driving positive leasing conditions for both new deals and renewals.
“For the first time in several years, we’re also seeing the development pipeline increase with our team working on more than 70,000sqm of new supply across New South Wales,” Mr Cook said.
CBRE’s Ryan Arrowsmith commented on strengthening tenant demand in Sydney’s large format retail sector: “With vacancy rates tightening within established centres, many opportunistic retailers are securing standalone main road locations in order to continue store rollouts and business growth within the Sydney metropolitan region.”
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
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 (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.