Road safety retailer RSEA Safety is set to open a new store in Adelaide’s northern suburbs in a move that signals ongoing momentum in South Australia’s hardware retail sector.
The national retailer has signed a 10-year lease on Sportpower’s former Elizabeth store, located at 1 Philip Highway, directly opposite Elizabeth City Shopping Centre.
The centre, which is home to the new 840sqm large format retail store, provides over 150m road frontage and benefits from passing commuting traffic exceeding more than 60,000 cars daily. The centre is home to several renowned retailers such as BCF, Officeworks, Supercheap Auto and Petbarn.
CBRE’s Dallas Sears negotiated the lease transaction where the asking rent was $225 per square metre net.
Ms Sears said the deal highlighted strengthening conditions in South Australia’s hardware retail market.
“The strong performance of hardware retail spend in Adelaide at present is helping support local retail businesses and their subsequent expansion plans across the state,” Ms Sears said.
“This prominent Elizabeth location is an established retail precinct home to a number of major renowned retailers, including the recent addition of RSEA Safety.”
The national retailer has signed a 10-year lease on Sportpower’s former Elizabeth store, located at 1 Philip Highway, directly opposite Elizabeth City Shopping Centre.
The centre, which is home to the new 840sqm large format retail store, provides over 150m road frontage and benefits from passing commuting traffic exceeding more than 60,000 cars daily. The centre is home to several renowned retailers such as BCF, Officeworks, Supercheap Auto and Petbarn.
CBRE’s Dallas Sears negotiated the lease transaction where the asking rent was $225 per square metre net.
Ms Sears said the deal highlighted strengthening conditions in South Australia’s hardware retail market.
“The strong performance of hardware retail spend in Adelaide at present is helping support local retail businesses and their subsequent expansion plans across the state,” Ms Sears said.
“This prominent Elizabeth location is an established retail precinct home to a number of major renowned retailers, including the recent addition of RSEA Safety.”
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 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.
