Property

Issue No. 28 - April/May 2006

Snapshots

Renewed confidence in port retail

A drop in retail vacancy rates in Port Adelaide indicates an emerging trend of new business to the area.

In July 2005, Port Adelaide recorded one of the highest retail vacancy rates in Adelaide at 13.5%, but with the start of the Newport Quays waterfront redevelopment and the implementation of the Port Centre Coordination Group (PCCG), rates have already been reduced to 11.9%.

“In just six months, we have had an influx of new business owners opening along Commercial Road and St Vincent Street,” said PCCG Place Leader Andre Stuyt.

“There’s renewed confidence in the Port as a retail and commercial destination which is generating from the waterfront redevelopment, construction of the Port River bridges and other commercial activity such as the Air Warfare Destroyer contract.

“Port Adelaide’s vacancy rates are still high in comparison to the likes of Norwood Parade, Unley Road or O’Connell Street,...

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