Surfers Paradise most expensive retail strip for rents

Surfers Paradise’s Cavill Avenue has been named the most expensive suburban shopping strip in the country for the fifth year running by commercial real estate firm CB Richard Ellis (CBRE).

According to CBRE retailers pay an average net face rent of $2,400 per square metre for a share of the bustling, tourist strip.

The second priciest retail strips were also located in Queensland, with Noosa’s Hastings Street and Moloolaba’s Esplanada charging $2,200 and $1,800 per square meter on average respectively.

Claremont’s Bay View Terrace in WA came in at number four while Oxford Street in Sydney’s trendy Paddington in at number five.

While Queensland strips dominated the top 10, CBRE said South Australia was the other stand out.

Despite having no entrants in the top 10 list, the Jetty Road Strip in Glenelg, Adelaide witnessed the strongest rental growth across all the strips monitored in the CBRE report. Retail turnover in the state was also stronger than any other state, CBRE said.