Gatsby Living chooses Preston for maiden Australian store

Gatsby Living has leased a maiden showroom at Preston’s Northland Homemaker Centre.

The new retailer has signed a seven year deal for the 1120 square metre unit formerly occupied by Barbecues Galore.

Leedwell Property’s Chris Parry, Tom Perkins and Nick Segran said the agreement was negotiated during Victoria’s stage four lockdown. A number of businesses showed an interest, they added.

Recent deals within the complex at 19-33 Murray Road have been rented for between $285-$325 per sqm, pa.

Plenty of businesses booming because of COVID-19

“Following the annual reporting period large format retailers have demonstrated to be a tenant base which has been resilient in the COVID environment and outperformed retail peers,” Mr Parry said (story continues below).

“Officeworks posted turnover increase of 20.4 per cent, The Good Guys, an increase of 11.2pc, Baby Bunting, 11.8pc, Adairs, 12.9pc, Beacon Lighting, 2.6pc and Bunnings, 13.9pc.” he added.

“Despite headwinds in the retail market as a result of COVID-19, large format retail locations with a high quality retail mix and strong…fundamentals still appear to be in demand”.

“The Australian Bureau of Statistics confirmed on Friday a rise in retail turnover to 3.2pc (seasonally adjusted) for July on the previous month.

“Household goods, which represents a large portion of tenants in large format retail centres led the charge with a health four per cent rise,” the executive said.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco