Feast of new shops, eateries lift for CBD
Fashion and homeware retailers Cotton On Superstore, Trade Secret and Harris Scarfe will become the anchor tenants at Spencer Outlet Centre, taking 6000 square metres in the former DFO next to Southern Cross Station, say industry sources.
It marks a significant turnaround for what had become one of the city's most infamous retailing flops since developer Austexx collapsed in 2011, with the centre entering a decline that saw vacancy balloon.
Retail management group Retpro, appointed by receiver KordaMentha, is believed to be close to fully leasing the 27,000 sq m property after refurbishing and rebranding the complex over the past year.
Harris Scarfe will open its first CBD outlet in a 2500 sq m space. Cotton On Superstore and Trade Secret will each take 1800 sq m. Retpro has declined to comment.
Across the road, developer Far East Consortium is preparing to open the first stage of a 3168 sq m retail arcade that will run the length of its 2500-unit Upper West Side project along Spencer, Lonsdale and Little Bourke streets.
Vietnam-based eatery Pho 24, a Chinese-Western fusion restaurant, and a Middle Eastern restaurant with a shisha bar will occupy spaces under the Madison apartment tower and along newly created laneway, Water Tank Way. A South American steakhouse has taken about 300 sq m inside a heritage-listed brick building that was part of the power station on Little Bourke Street. The deals were negotiated by Zelman Ainsworth and Cam Taranto of CBRE at rentals of about $800 to $1000 per sq m. "We have only released stage one of the retail and already have all shops leased or under offer, with tenants waiting to secure a place in stage two of [the] project," Mr Zelman said.
Meanwhile, strong trade at the new Woolworths in Southern Cross Station is responsible for IGA's decision to slash by nearly half the size of its nearby 200 sq m supermarket at Collins and Spencer, industry sources say. But plans are being mooted for another IGA in 470 Collins Street. Listing agent Colliers International was unavailable for comment. IGA did not respond to a request for comment.
cvedelago@fairfaxmedia.com.au
Frequently Asked Questions about this Article…
The Spencer Outlet Centre is welcoming major new stores including Cotton On Superstore, Trade Secret, and Harris Scarfe, which will serve as anchor tenants.
The CBD's western end is seeing a boost with new stores and eateries opening in the Spencer Outlet Centre and the Upper West Side apartment complex. Notable retailers include Cotton On Superstore, Trade Secret, and Harris Scarfe, while new eateries include Pho 24, a Chinese-Western fusion restaurant, and a Middle Eastern restaurant with a shisha bar.
The retail scene in the CBD's western end is getting a significant boost with new stores and eateries opening in the Spencer Outlet Centre and the Upper West Side apartment complex.
The Spencer Outlet Centre is undergoing a significant transformation with the addition of major retailers like Cotton On Superstore, Trade Secret, and Harris Scarfe. This revitalization marks a turnaround from its previous decline after the collapse of developer Austexx in 2011.
The new retail developments mark a turnaround for the area, which had been struggling since the collapse of developer Austexx in 2011, leading to high vacancy rates.
Retpro, appointed by receiver KordaMentha, is managing the leasing and refurbishment of the Spencer Outlet Centre. They are close to fully leasing the 27,000 sq m property after a year of refurbishing and rebranding efforts.
The refurbishment and rebranding of the Spencer Outlet Centre are being managed by the retail management group Retpro, appointed by receiver KordaMentha.
Harris Scarfe is opening its first CBD outlet in a 2,500 sq m space at the Spencer Outlet Centre. This expansion is part of the broader revitalization of the area, attracting more shoppers and boosting the local retail scene.
The Upper West Side project will feature a variety of eateries, including a Vietnam-based eatery Pho 24, a Chinese-Western fusion restaurant, a Middle Eastern restaurant with a shisha bar, and a South American steakhouse.
The Upper West Side project is introducing a variety of dining options, including Pho 24, a Chinese-Western fusion restaurant, a Middle Eastern restaurant with a shisha bar, and a South American steakhouse located in a heritage-listed building.
The strong trade at the new Woolworths in Southern Cross Station has led IGA to reduce the size of its nearby supermarket by nearly half.
The Upper West Side project features a 3,168 sq m retail arcade running along Spencer, Lonsdale, and Little Bourke streets. Stage one of the retail space is fully leased or under offer, with tenants eager to secure spots in the upcoming stage two.
Yes, there are plans for more retail spaces in the Upper West Side project, with stage one already fully leased or under offer and tenants waiting for stage two.
The new Woolworths at Southern Cross Station has led IGA to reduce the size of its nearby supermarket by nearly half. However, there are plans for another IGA location at 470 Collins Street.
The rental rates for the new retail spaces in the Upper West Side project are approximately $800 to $1000 per square meter.
Retail spaces in the Upper West Side project have been leased at rental rates ranging from $800 to $1,000 per square meter, according to negotiations handled by CBRE agents Zelman Ainsworth and Cam Taranto.
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