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SSC Newspaper : June 2010
18 Strathfeld Scene "A lot of people come in and we can’t help them ... any small shop rents very easily because the demand’s there, and the rent keeps going up” – Marco Giuliani, real estate agent PROPERTY By Jane Lee Commercial rental stress prompts council moves R ents for commercial space in Strath eld are on the rise while the rest of Australia sees declines, according to local real estate agents who are struggling to meet the demand. Some small businesses have found it almost impossible to set up in the busy centre of the municipality because of high prices and the lack of supply. Real estate agents report some businessmen door-knocking shops to ask if the operators are moving out, so tough is the ba le to nd space for new enterprises. Strath eld Council is expected to examine the problem soon. " ere are many factors a ecting rental prices and only an expert, for example a land economist, could predict the [extent of the] impact," said a council spokesman on hearing of the concerns. " e timing of development will be a ected by the amount of oor space that becomes available, zoning and planning controls, owners and, ultimately, by the economics of the market." e Council's comments follow claims by real estate agents that a lack of development is making it too hard for new small business owners to enter the market. "A lot of people come in and we can't help them," says Marco Giuliani from Raine & Horne. "Any small shop rents very easily because the demand's there, and the rent keeps going up. " ere's nothing available in Strath eld central -- e Boulevarde, Churchill Avenue. ere are no vacancies on the ground oor. Any o ce or shop space facing the street is in high demand. People go knocking on doors looking for shops." Commercial rental prices have risen by about 10 per cent in the past two years, with average rates for small o ces of between $500 and $750 per square metre -- high even by Sydney CBD standards. Outside the centre of Strath eld 80 square metres still goes for $375 per square metre. According to the Australian Bureau of Statistics, the rest of Australia has seen rental decreases of 6.1 per cent in 2009-10. In Homebush West, commercial rental rates are almost the same, and have risen by about ve to seven per cent in the same period, according to Dr David Tang, President of the Flemington Chamber of Commerce. " ere aren't many new shops built and any vacancies are occupied again within two months," he says. Demand is lower for commercial properties further away from the railway hub of the town centre, Real estate agents strathfeld Partners Real estate agents 6 Churchill Ave, Strathfeld NSW 2135 Phone (02) 9763 2277 www.strathfeldpartners.com.au Richardson & Wrench strathfeld Suite 1, 30-34 Churchill Ave Strathfeld NSW 2135 Phone (02) 9745 2733 www.rwstrathfeld.com.au georges ellis & Co Suite 5, 58 The Boulevarde Strathfeld NSW 2135 Phone (02) 9744 7412 www.georgesellis.com.au J & J Realty Partners Pty ltd Suite 7 level 4, 11 The Boulevarde Strathfeld NSW 2135 Phone (02) 9746 3344 www.jjrealty.com.au lJ Hooker 2 Albert Rd, Strathfeld NSW 2135 Phone (02) 9746 2222 www.ljhooker.com.au/strathfeld Raine & Horne strathfeld 1 The Boulevarde, Strathfeld NSW 2135 Phone (02) 9764 4777 www.raineandhorne.com.au/strathfeld Regal Court apartments 20-34 Albert Rd, Strathfeld NSW 2135 Phone (02) 9764 6902 PROPERTY DIRECTORY Real estate agents Real estate services Shop 2A, 15 Parnell St, Strathfeld NSW 2135 Phone (02) 9744 5511 www.ress.net.au sydney Buy Homes Suite 7/12 Churchill Ave Strathfeld NSW 2135 Phone (02) 9764 2999 Unique Property Real estate Suite 9 Level 1/ 11 The Boulevarde Strathfeld NSW 2135 Phone (02) 9763 7277 www.unique-property.com Vsatown&Country 181 The Boulevarde, Strathfeld NSW 2135 Phone (02) 9758 7500 PainteRs and deCoRatoR david surgenor 51 Rickard Rd, Strathfeld NSW 2135 Phone 0417 244 500 i do Painting PO Box 3271, Strathfeld NSW 2135 Phone 0404 040 089 www.idopainting.com.au inner West Handy services PO Box 1352, Strathfeld NSW 2135 Phone 0400 350 428 RemoValists eden express Unit 702/7 Churchill Ave, Strathfeld NSW 2135 Phone (02) 9746 2488 laWyeRs Butlers law group Suite 8, Level 2, 15 Parnell St Strathfeld NSW 2135 Phone (02) 9744 3900 Hall Partners Suite 1, Level 5, 11 The Boulevarde Strathfeld NSW 2135 Phone (02) 9764 3561 www.hallpartners.com.au shanahans solicitors Level 1/15 Parnell St, Strathfeld NSW 2135 Phone (02) 9744 3755 www.shanahans.com.au garry seo & associates Suite 2E, 9-13 Redmyre Rd Strathfeld NSW 2135 Phone (02) 9763 5977 o’Hara & Company Level 1, 58 The Boulevarde Strathfeld NSW 2135 Phone (02) 9745 3511 yaRd seRViCes top Cut lawn & garden Care 21 Coronation Pde, Strathfeld 2135 Phone 0418 404 508 PlUmBeRs Flamminio Plumbing services 31 High St, Strathfeld NSW 2135 Phone 0419 273 244 eleCtRiCians grahame true electrician 4 Strathlora St, Strathfeld NSW 2135 Phone 0418 252 200 BJ electrical 8 Smallwood Ave, Strathfeld NSW 2135 Phone 0412 000 735 Cleaning at m Cleaning management Suite 7, Level 6 Strathfeld Plaza 11 The Boulevarde, Strathfeld NSW 2135 Phone (02) 9763 2344 Clean & tidy australia Unit 4/1-4 The Cresent Strathfeld NSW 2135 Phone (02) 9746 6611 lpk services Pty ltd 11 Cave Rd, Strathfeld NSW 2135 Phone (02) 9742 6197 safe group australia Pty ltd PO Box 1513, Strathfeld 2135 Phone 0433 217 781 asaP Carpet Cleaning Phone 0424 292 200 including Redmyre House and the Mercantile Mutual building. " ey're not interested in them because there is lots more passing tra c in the centre," says Giuliani. " e commercial properties in the centre have never been empty in the 12 years I've been here." e council has been working on a plan to redevelop Strath eld Town Centre since 2008 and expects to have it accepted early next year. e dra plans envisage building up to two 16- oor towers and replacing the current bus stops with an underground bus interchange to free up surface areas for development. • Median unit prices currently sit at $409,000 which is slightly below their $412,000 peak recorded in May 2006. • Over the last 10 years, median unit prices have increased at an average annual rate of 5.1% and over the last 12 months, prices have increased by a much greater 7.8%. • The last 10 years have seen annual sales volumes recorded at an average of 250 sales. Over the last 12 months, 301 unit sales have taken place within the suburb. • Despite the above-average level of unit sales activity during the last 12 months, sales volumes remain below peak levels recorded in the second half of 2002. • Median weekly rents are recorded at $450 per week and have increased by $20 per week over the last year. • Indicative gross rental yields are currently recorded at a strong 5.7% which is far greater than unit yields across the city, currently at 5.2%. • Looking at unit sales by price point, 84.5% of sales during the last year have occurred at prices below $500,000. • Sales of units over $700,000 account for just 3.4% of sales. Strathfeld market report by rpdata.com ADVERTISE WITH US CONTACT DAVID BROWN AT: email@example.com June 2010