The Perth suburb of Cottesloe continues to be a standout in the city's retail market, new research from Ray White has revealed.

The latest Between the Lines report indicated there has been a rise in retail take up on the strip, resulting in no vacancies recorded at September 2019 across the 37 shop fronts surveyed.

This signals a vacancy reduction of 6.81 per cent from 2017.

Ray White Between the Lines - Perth Retail Strips - November 2019 -At a glance:

• Cottesloe has experienced a vacancy reduction of 6.81 per cent from 2017 to have no vacancies recorded at September 2019.
• Rockeby Road vacancy sits at 14.74 per cent, slightly down from the 15.19 per cent recorded last year.
• Beaufort Street in Mt Lawley had now overtaken Rokeby Road as the strip with the greatest number of empty shops, as vacancy sat at 16.79 per cent in 2019.

Ray White Commercial (WA) Property Advisor Brett Wilkins said hospitality had been a significant contributor to the trend.

“Small movements in shops across Napoleon Street has seen some changes to the retail mix, the most notable is the increase in the café and restaurant sector representing 17.87 per cent this period, up from 15.93 per cent last year," he said.
 
“This high occupancy and limited change in tenancies emphasizes the lack of leasing evidence in this location.

"Rents are anticipated to remain in the $650-$700psqm net range with investment demand still strong in this tightly-held market.”
 
Mr Wilkins said another positive note was the reduction in vacancies on Rokeby Road in Subiaco, with the strip showing signs of a recovery.
 
“Rokeby Road is one of the most visited retail strips and is considered by many to be the ‘super prime’ of retail strips across Perth,” he said.
 
“Currently, vacancy sits at 14.74 per cent, slightly down from the 15.19 per cent recorded last year. This represents 15 of the 111 shops surveyed in this strip.
 
“Sentiment in the local market is low, but the redevelopment of the Subiaco Pavilion Market and future development of the football oval and PMH will be key to helping rejuvenate this strip and to create greater vibrancy.”
 
Mr Wilkins said Beaufort Street in Mt Lawley had now overtaken Rokeby Road as the strip with the greatest number of empty shops, as vacancy sat at 16.79 per cent in 2019.
 
“While this has grown over this two-year period to now represent 18 of the 121 shops surveyed, a lot can be attributed to the quality grade of this stock on offer,” he said.
 
“This market still offers a high volume of food-related tenancies, however, the growth in the services sector is likely to be the saving grace for this market.
 
“An increase in occupiers notably in the medical and beauty sectors will aid in bringing people back into the strip for the purchase of a service rather than an actual good.”

Click here to view the full report.

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