News

Retail Suitors Queue for Prime High Street Spaces

Posted on 27th March 2019

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Level 1, 1062 High Street, Armadale

High demand for retail space in the tightly held prime section of Armadale’s coveted High Street has seen Melbourne designer Bernadette Pimenta Couture commit to a refurbished office space to be used as a showroom for her bridalwear selection.

Fitzroys Agency Executive, James Spencer leased the refurbished 187 sqm space at Level 1, 1062 High Street on a three-year deal with a three-year option at $50,000 per annum net.

Bernadette Pimenta has been a fixture in the fashion industry for more than 27 years. The designer has moved into the prime section High Street Armadale and will use the space for their new design and fitting studio for its hand-crafted gowns.

Spencer said the floor had been used in the past as an office, but the overwhelming demand from independent and international retailers for a prime location in one of Melbourne’s most prized shopping strips has seen this transformed into a boutique retail space.

“High Street Armadale is one of the strongest retail strips in Melbourne at the moment, supported by major retail brands. The sheer lack of retail space available in the strip underpinned the decision to turn the beautiful office space into a retail showroom experience for retailers,” he said.

“We are consistently talking to reputable retailers who want to be on High Street, Armadale and the outlook for demand and the strip is bright.”

The shopping strip’s strong catchment and inner-city location has attracted high-end independent and international fashion retailers, with ACNE Studios, Carla Zampatti, Zimmermann and Scanlan Theodore all located in the prime section and within a few metres of Bernadette Pimenta’s new space, as well as the recently opened bespoke store of H&M’s upmarket sister label Cos.

According to Fitzroys’ Walk the Strip, Armadale saw retail vacancies fall by 7.9% over 12 months to 4.1% during 2018, making it one of the best performers of Melbourne’s shopping strips.