Rundle Place secures Canadian fashion tenants
Three Canadian fashion retailers are swimming ashore to lease space in the $385 million redevelopment of Rundle Place on Rundle mall in the Adelaide CBD.
Rundle Place features 85 shops over 22,000 square metres of retail space running along Rundle Mall and is due to be completed in October next year, featuring a Harris Scarfe store and anchor-tenanted by Coles, along with a mix of other retailers and a 500-seat food court.
Point Zero – a Canadian brand name and manufacturer of chic and fashion forward apparel for men, women and children – is among the retailers.
Point Zero operates from more than 35 boutiques across Canada, has 920 shop-in-shops in department stores, and has opened franchises in Central and South America and the Middle East.
Joshua Perets was created in 2001 and is directed at the teen and tween market with undergarments to hoodies, jeans to perfume.
As of April 2012, Joshua Perets had 35 stores across Canada.
La Vie en Rose is a leading specialty lingerie retailer for women aged 25 to 54.
It has over 165 boutiques across Canada and expanded into the Middle East, Europe and Asia in 2004.
“We are very excited to open our first stores in a growing city like Adelaide,” says director of retail expansions for La Vie en Rose Joseph Waknine.
“Rundle Place has proven to be the right spot for us with the best mixture of national and international big brands,” says Waknine.
Rundle Place will also include an 10-storey commercial tower that is set to open in October 2013.
The tower has been preleased to the Adelaide Bank and Bendigo Bank.
Vacancy rates for Rundle mall rose in the third quarter of 2012 from 6.85% in June to 10.27% in September, according to a research report by Savills.
Rent in Rundle Mall range from $2,000 per square metre to $3,700 per square metre.
“The centre is now 95% leased and interest continues to be strong,” says Ilona Rose, project leasing manager from Rundle Place.
Commercial property is a serious business.
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Previous experience shows that one month’s figures from one source are meaningless, particularly when there are numerous other research outlets with different figures.