Burke Road, Camberwell
"We've got it all"
Burke Road Camberwell has long been regarded as one of Melbourne’s premier shopping strips located at the intersections of Camberwell, Riversdale and Burke Roads, popularly known as “The Junction”. This area has significant public car parking available and is ideally serviced by public transport with the centrally located Camberwell railway station and trams in Burke and Riversdale Roads.
The suburb of Camberwell, which recently annexed part of what was known as Burwood, has an approximate population of 24,559 residents with an average age of 41 years and a median house price of $1.955 million.
Many long standing brand names are located here and rents have often been the highest paid by tenants outside of the Melbourne CBD or a major retail centre. This is reflective of the strength of the location and the fact that suburban shopping centres are not located nearby.
According to the Camberwell Centre Association’s website:
There are more than 400 stores along Burke Road, stretching from Victoria Road to the Camberwell Junction and approx. 300 commercial businesses along Burke Road and the junction in both Camberwell and Riversdale Roads. Bordering the suburbs of Camberwell and East Hawthorn it is one of the largest and most vibrant ‘street shopping centres’ in Victoria. Camberwell traders appreciate the support from their regular customers and in turn try to give back to the local community through events and assisting charitable organisations.
The Make Up of Burke Road, Camberwell
The tenancy breakup for Burke Road from the junction to the top of Burke Road hill comprises the following:
|Health / Medical / Beauty|
- Womens (24)
- Mens (2)
- Kids (1)
- Accessories (3)
- Jewellery (1)
|Op Shop & Bargains||2|
|Clothing Alteration & Repairs||3|
There have been some new tenancies in the strip which have been well received, for example District Pho 2 at 921 Burke Rd, Mayhem Barbers at 718 Burke Road and Pochi Stationery at 764 Burke Road to name a few.
Rent levels have scaled back in recent years. Prime smaller shops closer to the junction achieving $1,000/sqm net are rare now, with the norm more likely to be $650 - $850/sqm net dependant on position and size. Shops located north of the railway line drop back further to around $350/sqm.
This strip has a higher proportion of vacancy compared to other strips in nearby suburbs and the reasons for this are suggested below:
- Many of the premises require renovation and do not present at their best.
- Some are not listed either for sale or lease and their status is unclear.
- Newer often cheaper infill shops, especially near the market precinct and new arcades, have taken the pedestrian foot traffic off the west side of Burke Road and from north over the railway line.
- Established retailers are changing their store footprint and moving out as they no longer require large double fronted shops.
- The street is changing as a new demographic in the higher density residential towers moves in and demands newer retail destinations and services. New tenants have not yet filled this void.
The area is undergoing change. Not only has there been in-fill commercial development, but residential towers have also recently been constructed or are in the construction phase. Two developments for Burke Road have now been approved including 118 residences at 716 Burke Road and 14 residences at 756-760 Burke Road.
Picking what the new demographic demands will be a challenge, however residents typically want easy access to a range of food and services. The larger shops featuring double street access may find they are subdivided into two or more retail tenancies with a second or third level of residential apartments above.
Shops north of the railway line may change to cater more for health and medical services as the foot traffic does not need to be as high, an older demographic remains in the area and rents are more affordable.
Take a look at our current opportunities to secure a tenancy at Burke Road here:
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Written by Gerry Gleeson
After a successful career as a stockbroking analyst and manager of a private investment business, a long time fascination with property and a desire to try something new led Gerry into the property management sector.