Canberra retail market experiencing difficult trading conditions

Canberra retail market experiencing difficult trading conditions
Canberra retail market experiencing difficult trading conditions

The Canberra retail market, like markets across the country, have experienced difficult trading conditions over recent years, although some improvement has been noted of late.

Retail sale statistics issued in February by the ABS indicate growth has remained unchanged in seasonally adjusted terms in the ACT.

The trend is stable for retailers. Against this backdrop of retail activity is the geography of Canberra’s commercial property.

Retail areas in the ACT are structured to reflect the principles of a hierarchical system of centres, which comprises: The City Centre (also known as Canberra City or Civic), Town Centres (Woden, Belconnen, Tuggeranong, and Gungahlin), Group Centres include (Calwell, Charnwood, Chisholm, Conder, Curtin, Dickson, Erindale, Hawker, Jamison, Kaleen, Kambah, Kingston, Kippax, Manuka, Mawson, Wanniassa, Weston), and Local Centres.

Consequently, the ACT is well catered for the provision of goods and services. 

Although population continues to increase, supply levels of retail premises remain high and demand generally soft especially for those smaller local shopping centres that have struggled with declining patronage given the attraction of Group Centres and the Town Centres providing competition from larger supermarkets with a greater range of products.

Rents vary depending on the location, size and strength of the centre, plus the use and attributes of the premises.

The outlook for the Canberra retail market is for slow-medium take-up levels to continue over the next 12 months, with a need for incentives to continue.

A Canberra CBD two storey commercial building of approximately 365 square metre has been sold for $1.025 million (pictured below).

Located at 19-21 East Row, it is within close proximity to the End of Trip for the proposed Light Rail on corner of Northbourne Avenue & Alinga Street.

As a part of the Iconic Sydney Building, the ground floor has leased to Alice Thai Restaurant, while first Floor is presently vacant.

Canberra retail market experiencing difficult trading conditions

A Phillip property currently set up as a restaurant in the Sky Plaza has been listed for sale with $875,000 hopes (pictured below).

It is presented by David Toner from BMR Commercial. 

Located at unit 167, 98 Corinna St, the 121 square metre property features car parking and an exclusive designated alfresco area.

Canberra retail market experiencing difficult trading conditions

 A Weston 136sqm unit has been listed currently on the rental market is priced at $66,733 (pictured below).

The 8/21 Brierly St unit is approximately 136 square metres and directly adjacent to the entrance of Cooleman Court.

The unit has recently been refurbished to create a more modern retail premise.It includes a large open shopfront, shopfront windows, access to toilets, and a back office/stock room. Canberra retail market experiencing difficult trading conditions

Canberra Retail Market

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