A rug renaissance is taking place along Armadale’s popular High Street, with the high-performing shopping strip welcoming The Red Carpet as its latest retail addition.
Fitzroys Associate Director,James Lockwood negotiated the lease at 1128 High Street to The Red Carpet at $68,000 per annum net with 4% increases on behalf of a local private investor.
Lockwood said The Red Carpet was attracted to the modern 140sqm property’s well-presented premises, with high ceilings and open plan layout, and its highly exposed frontage.
“The Red Carpet has an existing warehouse-style outlet in Abbotsford, and was keen to add a retail destination to its offering. High Street, Armadale presented an excellent environment for this.
“High Street has established itself as one of Melbourne’s popular retail strips, home to an envious range of upmarket fashion designers and hospitality venues, underpinned by a village feel, blue-ribbon catchment and nearby residential development.”
According to Fitzroys research for Volume 2 of its Walk the Strip, vacancies along the High Street, Armadale came down from 7.9% to 4.1% in the 12 months to June, making it one of the best performers of Melbourne’s retail strips.
Port Douglas-based Masters Persian Carpets took up space at 1133 High Street earlier this year, selecting High Street as the most ideal Melbourne shopping strip for its foray south, and Hali Rugs has moved in to 1134 High Street, next door to The Red Carpet’s new home, and Abba Persian Rugs is just a few doors down.
In a further boost for High Street, H&M’s upmarket sister label Cos recently moved into a bespoke fit-out on the strip.