High rents blamed for empty shops on Perth’s exclusive King Street

HIGH rents have been blamed for the growing number of empty shops on Perth’s most exclusive retail street.

At least eight ground-floor shopfronts are empty or boarded up in King Street — between Hay and Murray streets — which also boasts retail outlets for Gucci, Louis Vuitton, Tiffany and Co, and Chanel. First-floor and basement spaces are also empty, some for more than five years.

A popular basement bookshop has closed and home video and audio specialists Bang & Olufsen have moved to Subiaco.

Perth MP John Carey said the high number of vacancies in King Street was of great concern, especially when the street’s exclusive shops were promoted as tourist attractions.

“Empty, vacant shops are not a good look,” he said.

“Whatever the reason, something needs to be done. I would hope the landlords involved would look for short-term pop-up leases to improve the vibe of the street.”

Property manager Darryll Ashworth said King Street was too important to Perth to have empty shops.

“Without doubt there has been a correction in rents in the Perth CBD and I would say specifically on King Street,” Mr Ashworth, chief executive of Metier property consultants, said.

“With the significant vacancies, it’s fair to say that property owners have not responded to the changing market. King Street has beautiful heritage buildings, however, the cost to refurbish and fit out these shops to suit current needs is extremely expensive.

“Retailers will need financial support from the landlords.

“There is no reason why there should be any vacancies on King Street and this needs to be addressed with the property owners.”

Cafe Etro closed five weeks ago but the premises will reopen later this year as Cafe Alicio.

Its manager Peter Haddad, who also runs Lebanese cafe and restaurant Chee Tayeb in Murray Street, said he was not surprised so many shops and businesses had left King Street.

“The rent is appreciably higher here — about 50 per cent more than just around the corner,” Mr Haddad said. “We hope to bring a bit of vibrancy back to the street with our new cafe.”

One of the biggest landowners on the street is Bontempo Nominees, the family company of former lord mayoral candidate Anne Bontempo.

King Street Precinct spokeswoman Tessa Bontempo said the heritage character of the precinct provided a beautiful backdrop that attracted locals and tourists.