The vast retail strip along Centre Road, Bentleigh, is gaining a new lease of life. New shops and service providers are moving into the area, driving demand for retail premises and boosting property prices. These factors are having a positive influence on local retailers, and bringing more visitors to the area.
Julian Vautin, Sales & Leasing Executive for Nichols Crowder, explains, “Already known for its diverse range of quality shops and services, I’m expecting more good cafes, food retailers and fashion outlets to open up along Centre Road over the next 12 months. I’m also getting more enquiries from healthcare providers and other services that see the demographics in Bentleigh as being favourable for business.”
A surge in apartment supply in the area is also bringing more people to the area and driving business confidence. Rising residential property prices and relevant zoning has resulted in more duplexes and multi-unit apartments being developed.
Vautin explains, “As more apartments are being built in the Bentleigh area, we’re seeing strong population growth via incoming young families and downsizers. These people need to shop somewhere, and local businesses are expecting growth in customer numbers. We’re also seeing some owners refurbishing their properties to maximise their investment returns and rental rates to take advantage of this forecast growth trend.”
With the Bentleigh train station transformation and rail crossing removal works nearly completed, vacancy rates have declined as Centre Road retailers and businesses prepare for a new growth era. Improved traffic flow will lead to greater numbers of shoppers and visitors to the area. The resulting increase in foot traffic is expected to further drive growth in rents and property values over the long-term.
Vautin continues, “Businesses in Bentleigh are upbeat about the future along Centre Road. A combination of population growth and the upcoming completion of works at Bentleigh station has already had a positive impact on the area. These factors have resulted in solid rental returns for landlords and increases in long-term leases.”
After some disruptions with the rail works, particularly close to the station, business is shortly expected to return to normal and provide stability to the area. Vautin explains, “Tenants and owners alike are relishing the increased business certainty and improvements along Centre Road. For example, a 5-year lease has just been signed for a new medical centre at 331 Centre Road, paying $473 per sqm. This solid rental rate shows that business owners want to get into the area, and that they’re prepared to pay a premium to do so.”
Other recent notable deals completed by Nichols Crowder include:
- Real estate agency JP Dixon has signed a 3-year lease at 357 Centre Road for $307 per sqm net. This includes a first floor office.
- Market research firm Australian Survey Research Group has signed a 3-year lease at 258 Centre Road for $220 per sqm net.
- A local prestige builder has signed up for an office at 269 Centre Road. This is a 5-year lease at $275 per sqm net.
For further information, contact:
0420 406 660