Perth, 30 September 2014 – Development activity in Subiaco is underpinning a surge in interest from retail tenants seeking to secure a foothold in the market.
In the latest deals international frozen yoghurt chain Menchies and restaurant operator Rokeby Street Food have secured long term leases at 1 Rokeby Road.
The deals were negotiated through CBRE’s Faisal Nasimi and Richard Cash on behalf of the property’s syndicate of private owners. Menchies has leased Shop 3 of 1 Rokeby Road, which has a lettable area of 116.6sqm, with Rokeby Street Food securing Shop 9 of 114.9sqm.
“The tenants are paying getting into Subiaco now knowing that with multiple residential and commercial developments approved and underway, change is just around the corner for Subiaco,” Mr Nasimi said.
Mr Cash said Rokeby Street Food was a local operator with a strong knowledge and understanding of the precinct while Menchies was an international franchise chain that had studied the Perth market and decided that Rokeby Road was the ideal location to begin their store rollout.
“These leases highlight that Rokeby Road north of Hay Street is still very much in demand,” Mr Cash said, adding that CBRE was currently finalising a third deal on the strip, with this tenant expected to commence fitting out prior to Christmas.
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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 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 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 atwww.cbre.com.au.