Perth, 15 July 2014 –Price Attack, Australia’s largest retailer of professional hair care, has staked its claim on the emerging eastern end of Perth’s Murray Street Mall.
CBRE’s Craig Olde negotiated the seen year lease for Price Attack over a 148sqm store at 158-160 Murray Street Mall.
Mr Olde said the salon and hair care retailer had been rolling out a fresh new store look, but has been held back from updating its most visible Perth CBD store due to escalating rents in the highly prized and rent leading western zone of Murray Street Mall.
“This new location at the eastern end of the mall provides Price Attack with the foot traffic they need and, being outside of the immediate vicinity of the highly publicised ‘Zara and Topshop’ zone, the market rate is more suitable to their business model,” Mr Olde said.
Body Shop recently opened a store in the same area and OPSM also opened a new shop diagonally opposite the new Price Attack site.
“There is real diversity in market rent, retailer type and shopping diversity at the eastern and western end of Perth’s CBD malls that is important to a dynamic CBD retail landscape,” Mr Olde said.
“We are likely to see significant change at the eastern end of the city’s in coming years, as opportunities for development, new entrants, and even some ‘against the trend’ decisions are made by retailers.”
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website atwww.cbre.com.au.