Pitt Street mall retail rents can be $10,000 a square metre: Savills
The cheapest Pitt Street mall retail rents match the highest retail elsewhere in the Sydney CBD, according to the latest Savills International research.
Retail rentals were between $1,000 a square metre net and $4,500 a square metre net for CBD tenancies outside Pitt Street Mall and from $45,00 a square metre net to $10,000 a square metre net within the Pitt Street Mall.
Market yields range between 5.5% and 8%, the Savills Q1 Sydney retail report said.
In 2009 Savills noted gross retail rentals were between $750 a square metre and $6,000 a square metre gross for CBD tenancies outside Pitt Street Mall and from $5,000 a square metre to $13,600 a square metre gross within the Pitt Street Mall, with the biggest premiums paid for street-front areas with high-end brands gravitating increasingly towards historic buildings in the area for high-exposure boutique retail stores.
Picture courtesy of Mw12310/ CC BY-SA 3.0.
