April 2016 – Sydney CBD Retail

7 April, 2016 / Vanessa Rader

Sydney CBD’s Pitt Street Mall is on the most expensive retail strips in the world and certainly the priciest in Australia in terms of rents achieved. The mall gets pedestrian traffic of over 65,000 people per day and has high demand by both domestic and international retailers to secure a mall front property. There is no vacancy within the mall precinct and most tenants have been long term occupiers with the exception of those newly developed properties at Westfield, Mid City Centre and Glasshouse.

Outside of the mall location the prime region for retailers extends along George Street to Martin Place up to Castlereagh Street to Park Street. Historically Castlereagh Street has been home to many international luxury retailers including Tiffany & Co., Cartier, Dior which has been further emphasised by the Westfield retailers on this street including Prada and Gucci. George Street has also now cemented itself as an emerging retail destination with retailers including Burberry, Louis Vuitton and Apple located on this strip which will well poised to take advantage of the light rail addition to George Street making this a pedestrian mall. While this is the Core Prime location across the Sydney CBD, other precincts can be described as Prime such as The Rocks, Koreatown and Chinatown. The Rocks and Chinatown benefit from a strong tourism trade while Koreatown and Chinatown have the added advantage of a strong resident and student population as well as regular custom by both domestic and international Asian shoppers. Secondary retail locations include those areas which have restricted trading opportunity given their location within the dense office market of the CBD or offer poor location, quality or amenity.

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