Desperate landlords doing rent deals

Date: 11 March 2011

Gold Coast landlords are taking extreme measures to secure new tenants as the number of vacant commercial properties in the city increases significantly.

Surfers Paradise retail leasing agent Josh Jeans said some landlords were offering free rent for six months or helping with shop fitouts in order to rent properties.

Yesterday, a Bulletin investigation revealed there were as many as 50 vacant retail properties in Surfers Paradise, 42 in the Southport CBD, 12 at Pacific Fair Shopping Centre and eight at Main Beach.

Mr Jeans said slow foot traffic by shoppers had forced business owners to close as rent prices become out of reach with declining profits.

He said the market had flatlined and it did not look like there would be much respite in the next two years.

However, the latest BIS Shrapnel property analysis states that many commercial markets have seen peak vacancy rates in the past few months but it was coming into a “recovery mode”.

First National Southport Commercial sales and leasing agent Elizabeth Hoad said there were many new businesses looking to rent properties however landlords would have to meet current market prices in order to secure them.

Most vacant commercial lots are in Southport Central and Circle on Cavill in Surfers Paradise.

First National Real Estate Southport

Article date: 11 March 2011
Back to articles Filed under: Media / QLD News Tags: commercial, first national real estate southport
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