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NORTH PERTH EMERGES AS RETAIL HOT-SPOT

As published in Business News, Monday, 3rd July 2017

Joining the likes of Leederville’s Oxford Street, Cottesloe’s Napoleon Street, Mt Lawley’s Beaufort Street and South Perth’s Angelo Street – North Perth’s buzzing Angove Street has become one of the city’s most sought-after retail addresses, mainly due to the increase in apartment buildings and its proximity to the CBD, along with the diversity of quality cafes, restaurants, bars and retail stores that sit on the funky suburban strip.

Rose on Angove, a five-storey apartment development located on the corners of Angove and Fitzgerald Streets, will see the addition of five retail stores on its ground floor – further boosting the precinct’s trendy lifestyle attributes.

Axia Corporate Property has been appointed to lease the ground-floor retail areas with a keen focus on the corner tenancy – an ideal fit for a quality restaurant or café operator according to Axia director, Adam Musbah.

“This is an exceptional development which will further underpin North Perth as a precinct that’s up there with the best,” Mr Musbah says.
“As demand has soared over the past few years, retail shops along Angove and Fitzgerald Streets have become increasingly difficult to come by and we’ve seen some of the best retailers, such as award-winning barista Anniston & Still, Milk’d, Old Laundry, Angove Street Collective, Satchmo Café and Florentino Patisserie, establish themselves in North Perth– and I can only see this trend gaining further momentum over time,” he says.

Mr Musbah says the demographic and density of North Perth, which was traditionally a more mature and gentrified sector, has evolved into a much younger crowd over the past 12 – 18 months.

“The younger generation are choosing North Perth as an aspirational suburb to live due to its growing number of cafes, restaurants and bars, and quirky retail offerings – as well as its proximity to the CBD and excellent public transport,” he says.

“These people are much more inclined go out and socialise away from their homes or apartments, and they’re certainly not afraid to spend their income on food and wine.”

Just in the past year, five apartment buildings, totalling over 150 dwellings, have been constructed within walking distance to Rose on Angove.

“Retailers, especially those in the food and beverage arenas, perceive the North Perth precinct as a prime location to complement their business vision,” Mr Musbah says.
“We have tenancies ranging from 65sqm to the larger corner tenancy of 250sqm which can be reduced or modified to suit the requirements of the tenancy.
“The corner tenancy, which will define the development and the precinct as both a day and night-time food and beverage outlet, will be in demand from operators; and we are already in detailed discussions with a handful of them,” Mr Musbah says.

Upon completion, Rose on Angove will comprise of 39 one- and two-bedroom apartments with only five currently remaining.