The boundaries of Melbourne's Chinatown district could be set to expand in the coming months.
The Property Council of Australia reports the latest Marketview analysis from CBRE has highlighted a significant increase in retailer demand in the area and this is leading to increasing occupancy rates - despite the area traditionally having one of the highest rates of any district in the city.
A number of new enterprises have been set up in the area in recent months, including Korean restaurant Guhng opening at 310 Elizabeth Street and Taiwanese bubble tea franchise Chatime leasing 259 Swanston Street.
CBRE retail services associate director Max Cookes commented: "The enquiry is coming from both first-time Asian retailers looking at establishing fashion and hospitality businesses as well as established, high quality retailers from Shanghai, Beijing, Hong Kong, Tokyo and Malaysia."
Meanwhile, Property Observer recently reported the Melbourne property market could be in for a boost, as auction clearance rates in the state capital rose considerably last weekend. In total, RP Data revealed more than 700 properties were sold at auction.
Posted by Craig Francis
