Boutique retailers make way for professionals in Redfern
The trend of professionals replacing independent retailers in the inner-city continues as the modern shopping experience evolves.
A Redfern emporium that grew a reputation for selling everything from homewares to taxidermy is the latest to move out. The home of Seasonal Concepts is set to be repurposed as a design studio after being purchased for $2,425,000 at auction, this week.
The Redfern Street address had been a regular stop on the city fringe’s vintage store trail since 2008. But the hammer finally fell on the two-storey Georgian Terrace at auction, selling $225,000 above reserve.
The Redfern Street address hosted 155sqm of ground floor and mezzanine retail with a 93sqm private apartment and 19sqm rooftop courtyard on the upper levels. The total land area measured 145sqm.
LJ Hooker Commercial Sydney
Managing Director James Griffiths
managed the auction campaign in conjunction with Cobden & Hayson.
Mr Griffiths said the purchasers were owner-occupants specialising in multi-disciplinary design.
“The owners developed a real niche business that attracted a loyal clientele over a decade,” said Mr Griffiths.
“But in recent years, the owners cited changes in boutique shopping in the inner-city. Independent retailers are finding it more challenging operating against the ‘destination’ shopping centres and online spending.”
Mr Griffiths said the auction result exceeded the vendors’ expectations, enabling them to embark on their next chapter.
“As a mixed-use building, it had the potential to be transformed for a spectrum of uses from a café to a showroom. But we’re fielding a lot of enquiry from professionals – both in sales and leasing – for commercial spaces in the inner-city fringe, as we did with this Redfern property.
“There’s a real shift happening at the moment in retail spending habits. Added to that, parking is at a premium in the inner-city, and obviously very important for retailers. Parking is less important for professionals and there’ been a real tightening in the availability of commercial space in the CBD, which is why we’re seeing a continued trend in retail spaces being repurposed for designers, creatives and others in the fringe.”
Also boasting a private apartment with north-facing rooftop garden, there was also an opportunity for the new owners to generate income from the asset, said Mr Griffiths.
For further information on retail sales in inner Sydney. contact James Griffiths
at LJ Hooker Commercial Sydney
on 0415 371 668.
For media information:
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LJ Hooker Commercial
M: 0427 916 020