A dwindling supply of commercial properties in Mt Lawley is driving up sale and leasing prices, with a hefty sale price of $5391/sqm recorded recently for a Beaufort Street property. The 473sqm property near the corner of Walcott Street, sold for $2.55 million and selling agent Tino Bruzzese, director of Professionals Michael Johnson and Co said the Beaufort and Walcott street commercial hub was beginning to rival other more expensive inner-city areas such as Subiaco, because of the level of investment occurring in the area.
"More people are now moving into the area as a result of new residential developments such as St Mark's near the Queens Hotel and this population growth is driving the growing demand for 'high end' retailing in the area," Mr Bruzzese said.
When a retail space becomes available, Mr Bruzzese said there could be 20 people vying to lease it. "There is now a severe shortage of commercial properties in the area and retail landlords are achieving rents of $750 to $850/sqm," he said.
New arrivals into Mt Lawley's shopping district include fashion brand names such as Mimco and Witchery. Mr Bruzzese said the commercial property at 616 Beaufort Street sold shortly after being listed.