Renaissance in Bunbury CBD
Interest in setting up shop in Bunbury is gaining momentum, according to a leading commercial agent.
Commercial Realty commercial sales and leasing director Geoff Hill told the South Western Times an increase in interest was a positive sign leading into 2018.
It comes as Timezone Bunbury and popular men’s clothing store Gazman opened in the CBD over the past fortnight.
“I have personally noticed from December 2017 to now a marked increase in the level of inquiries,” Mr Hill said.
“A trend I am seeing at present in the retail space is the combination of traditional business types and consumer experiences.
“This style of business is popular in Europe and Perth and is starting to gather interest locally.
“Think fashion, art, coffee etc. under the one roof – the Angove Street Collective in North Perth is a great example of this and the former Boulters building would be a great fit for this.”
The Boulters building in the heart of the CBD is being redeveloped.
Mr Hill said with weaker market conditions came opportunities.
“With current prices at historical lows, I am finding tenants and buyers are beginning to capitalise on this,” he said.
Mayor Gary Brennan said he expected investor confidence in Bunbury to continue to grow.
“I understand the level of inquiry for the central area has been quite healthy compared to previous years, so I hope that continues,” Mr Brennan said.
He said the owners of Timezone Bunbury should be acknowledged for having confidence in the city.
“Full credit to them for having confidence in the future of our city and also full credit to the property owners who also invested significantly in upgrading that building to what it is now,” he said.
Mr Hill said the right tenancy mix was important for success in Bunbury and the placement of Timezone and the soon-to-open Lonestar restaurant was a good example of that.
“Like any shopping centre, the right tenancy mix is important for its success and this is just as relevant for standalone businesses in the area,” Mr Hill said.
“With every vacancy that presents we target those businesses that will complement the surroundings – unfortunately however this is often difficult to control.”
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