More than 120 people tuned in to RWC’s April Between the Lines Live webinar on Wednesday, where a panel of experts discussed Sydney’s high street retail. 

Ray White head of research Vanessa Rader hosted the webinar, and was joined by RWC Eastern Suburbs managing director, Zorick Toltsan and RWC Sydney North director, Scott Stephens.

Mr Toltsan is focused on retail sales and leasing in suburbs including Bondi Beach, Double Bay, Rose Bay, Woollahra and Paddington; while Mr Stephens is based in Mosman but covers areas from Manly through to Lane Cove. 

Ms Rader said a lot of retail precincts had turned away from clothing and soft goods offerings, but high streets on the north shore and the eastern suburbs had bucked that trend. 

“There's always been some distinct use groups in Military Road,” Mr Stephens said. 

“There’s a really strong mix of fashion retailers with a lot of the Australian designers there, and more wanting to get in, we just don't have enough shops.” 

Mr Toltsan said he’d seen a similar pattern in the eastern suburbs. 

“A lot of emerging fashion businesses who have built successful online businesses are now wanting to set up flagship retail stores in the areas where most of their customers are based, but there isn’t much availability in the Bondi Beach, Double Bay, Woollahra and Paddington retail precincts which is holding and potentially increasing market rents,” he said. 

“It’s mostly Aussie fashion and jewellery designers as the international luxury brands are usually in Westfield and high street Sydney CBD due to the location and size of properties available”

Ms Rader said food offerings were also a growing trend in many retail strips. 

“We have continued interest from cafe / restaurant operators, bars, and a lot of health food concepts like salads, acai bowls, and poke bowl,” Mr Toltsan said. 

“Bars and restaurants will always want to expand, they might say they want a location in Bondi, a location in the CBD, and a location in Mosman.” 

Mr Stephens said some retail strips on the north shore had grown their food offering, while others hadn’t. 

“Willoughby Rd in Crows Nest is a real food hub. We’ve just leased to El Jannah, with their first north shore location being in Crows Nest.

“There’s probably 50 food choices on that strip. 

“Surprisingly there’s less food offerings in Mosman, but there are some cafes.” 

The panel of experts said Sydney’s high streets had held up well in the post-covid world. 

“Through covid we handled it really well on the north shore, and when it was over people wanted to be out in the open air, and that's where the high-street benefitted big time,” Mr Stephens said. 

“What holds Mosman in good stead is we have Chatswood, the CBD, the local mall, but there isn't really a big shopping centre. So it's really helped the high-street.

“I live where I work, and as a local consumer it’s lovely to have that on my doorstep.” 

Mr Toltsan said Oxford Street had gone through a significant transformation over the last 5-10 years due to being sandwiched between the Westfield CBD and Westfield Bondi Junction. 

“The big factor in Paddington’s change has been Justin Hemmes who has brought a lot of vibrancy and activity to the area,” he said. 

“People like the experience of a shopping village rather than a shopping centre, they love having the experience of the cafes and the open air. 

Both Mr Stephens and Mr Toltsan said their markets were quite tightly held, with many generational assets. 

“This year, more so than previously, after the Christmas break, there’s a lot of people talking about selling, maybe part of some sort of generational thing,” Mr Stephens said. 

“I'm launching a property tomorrow which is selling for the second time in 100 years, which is the definition of tightly held. 

“With vacancy like it is, people don’t want to let go of a good thing.” 

Mr Toltsan said it was a very similar story in the eastern suburbs, with many assets being held generationally. 

“There's generally very little debt on these properties so these property owners are sitting on double digit returns so there’s no reason for them to sell,” he said. 

“Things that are moving are properties which are vacant and being acquired by owner occupiers who naturally can pay a premium as well as the highly popular block of units sector."

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RWC host Sydney high street retail webinar