High rents blamed for empty shops on Perth’s exclusive King Street


High rents have been blamed for the growing number of empty stores on Perth's most exclusive shopping street.

At least eight living areas on the ground floor are empty or boarded in King Street – between Hay and Murray streets – which also boasts retail stores for Gucci, Louis Vuitton, Tiffany and Co and Chanel. The first floor and basement are also empty, some for more than five years.

A popular basement bookstore has closed and home video and audio specialists Bang & Olufsen has moved to Subiaco.

Perth MP John Carey said the high number of vacancies in King Street was of great concern, especially when street exclusive stores were promoted as tourist attractions.

"Empty, free shops are not a good look," he said.

"Whatever the reason, something must be done. I would hope that the landlords involved will search for short-term pop-up leases to improve the street."

Property Manager Darryll Ashworth said that King Street was Too important for Perth to have empty stores.

"Undoubtedly, there has been a correction in rentals in Perth CBD, and I want to say specifically on King Street," says Ashworth, Managing Director of Metier Property Consultants.

"With the significant vacancies it is fair to say that property owners have not responded to the changing market. King Street has beautiful heritage structures, but the cost of renovating and adapting these stores to the current needs is extremely expensive. [19659010] "Dealers will need financial support from landlords."

"There is no reason why there should be vacancies on King Street, and this must be solved with property owners. "

Cafe Etro closed five weeks ago, but the premises will be reopened later this year as Cafe Alicio.

Its manager Peter Haddad, who also runs Lebanese cafe and restaurant Chee Tayeb in Murray Street, said he was not surprised, that many shops and businesses had left King Street.

"The rent is significantly higher here – about 50 percent more than just around the corner," Mr Haddad said. "We hope to bring some vibration back to the street with our new cafe. "

One of the largest landowners on the street is Bontempo Nominees, the family company of former herald candidate Anne Bontempo.

King Street President Spokeswoman Tessa Bontempo said that the legacy of the area was a beautiful scenery that attracted the locals and tourists.



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