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Is Civic Dying?

By 23 August 2011 71

centrepoint

I had a few minutes to kill this morning in Civic and I was struck by the growing number of empty shops in the city, especially in the Centrepoint complex.

Is this just a repeat of the boom/bust cycle for Civic or are we seeing a long term trend emerge?

What’s Your opinion?


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Is Civic Dying?
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I-filed 7:57 pm 13 Oct 11

Has anyone mentioned the parking? I used to go in on Satdy arvy or Sunday to shop, because I could park free. I am not going to pay $6 -$10 for an afternoon’s shopping thanks! I’d rather go to Belconnen or Woden and park free. The greedy “Snow-Job” types who run these malls haven’t a clue how important it is to Canberrans to be able to access cheap or free parking outside business hours!

Kissibaba 4:49 pm 13 Oct 11

What you guys are suggesting is quite logical. In fact today I went through the glass doors inside Centrepoint. The look inside is far worse than the photos we have here for the stores outside. What a wasted opportunity !

p1 12:06 pm 12 Oct 11

johnboy said :

Kissibaba said :

In free market capitalist country the rent should adjust according to market demand…..

Because if they lower the rent they lose the valuation on the building which they’re using for collateral on other loans.

That and they’re often holding off for permission to build apartments or to sell to the Canberra Centre.

There is also the economics of commercial space rental that might mean they stay empty a little longer… ie that leases tend to be for much longer, with higher penalties for pulling out earlier, plus if a shopping centre is trying to keep a balance of business types, or a certain level of classyness, they might be a little picky of who they let in…

That aside, I believe JB just listed the two biggest factors effecting vacancy rates in Civic.

johnboy 11:28 am 12 Oct 11

Kissibaba said :

In free market capitalist country the rent should adjust according to market demand. Why are there so many empty shops at Centrepoint? Is it just corporations trying to make it look deserted so that they can justify pulling it down?

Because if they lower the rent they lose the valuation on the building which they’re using for collateral on other loans.

That and they’re often holding off for permission to build apartments or to sell to the Canberra Centre.

Kissibaba 11:22 am 12 Oct 11

In free market capitalist country the rent should adjust according to market demand. Why are there so many empty shops at Centrepoint? Is it just corporations trying to make it look deserted so that they can justify pulling it down?

The Secretary 1:10 pm 26 Aug 11

Perhaps, just perhaps, people might get tired of shopping in the mall.

People talk of shopping malls as if it is the ultimate development of retail, as if once the masses (if course, mall shoppers are always less intelligent than those talking) will not leave the mall once they’ve entered and that nothing will ever take over the mall as our destination of choice. I suggest this is wrong.

Somehow I’m sure that the factors will be right so that people/shops will return to Garema.

If CIC owns Centrepoint, I can’t see how it’s a conspiracy –> how much money do they make from empty properties? And if you don’t support the CIC, don’t shop in the Canberra Centre.

Rollersk8r 12:53 pm 26 Aug 11

yellowredme said :

I go to similar shops elsewhere without paying for parking. My last lot of interstate visitors were disapointed with the ‘city centre’ of Canberra, they said it felt lonely, drab and cheap, therefore they were not enticed to spend like they do elsewhere when on holidays, they felt Kingston and Manuka were ‘more Canberra and more welcoming’.

I’m sure I’ve posted it before – got stopped by tourists once in Garema Place who asked where the main shops were, you know, the main centre of town. And they laughed their asses off when I said this was it.

Personally I reckon the whole of Civic (City Walk) from Akuna Street right up to Northbourne needs a massive facelift. Redevelopment is needed on the other side of Bunda St to pull some of the mall traffic into the true city centre.

yellowredme 10:13 am 26 Aug 11

I go to similar shops elsewhere without paying for parking. My last lot of interstate visitors were disapointed with the ‘city centre’ of Canberra, they said it felt lonely, drab and cheap, therefore they were not enticed to spend like they do elsewhere when on holidays, they felt Kingston and Manuka were ‘more Canberra and more welcoming’.

JohnSmith88 12:33 am 26 Aug 11

enrique said :

Even though there are For Lease signs up, it looks like nobody is interested. Maybe the asking price is too high?

Is there any relationship between the owners/managers of Centrepoint and QIC?

The owners are not too concerned about the empty shops- their only concern is value of the building. Increasing the value of their investment and getting some tax deduction is more beneficial than decreasing the value of the building by lowering the rent and increasing their taxable income.

The agent will insist on $1000+ per sqm with 5 % increase every year (ie over $2400/week+ including GST and outgoings for 100sqm space first year increasing exponentially each year)

Centrepoint is owned by a company owned by group of Canberra investors n paper but rumor is QIC has interests in all the companies buying buildings around CC for redevelopment.

Owners and their agents will never lower their rent ( they’d rather keep the value up and sell to QIC if not already done so), no sane operator will start a business in this economy with the rent and QIC’d rather have tenants in CC and run rest of the civic down – giving politicians excuse to accept their redevelopment application for further extension.

bryansworld 10:38 am 25 Aug 11

amarooresident3 said :

bryansworld said :

amarooresident3 said :

I don’t blame the Canberra Centre – it is providing a service and a comfortable venue for shopping that never used to exist in Civic. And it has actually resulted in a more diverse range of retail choices compared to Civic 15 or 20 years ago.

Who I do blame is whoever owns/used to own the buildings surrounding Garema Place and City Walk. When was the last time any of those building received any signifcant upgrade that actually improved the experience for shoppers and tenants? I can’t remember one.

The QIC owns the block that includes the Centrepoint Centre. They may have some interest in running it down….

They didn’t used to though did they? That has been a fairly recent aquisition by them. Mt point still stands – previous owners didn’t do anthing to modernise or make attactive that building (or any of the others that surround Garema Place).

Attractive and Modern like the Canberra Centre? [apologies for troll tendencies here]

amarooresident3 9:20 am 25 Aug 11

bryansworld said :

amarooresident3 said :

I don’t blame the Canberra Centre – it is providing a service and a comfortable venue for shopping that never used to exist in Civic. And it has actually resulted in a more diverse range of retail choices compared to Civic 15 or 20 years ago.

Who I do blame is whoever owns/used to own the buildings surrounding Garema Place and City Walk. When was the last time any of those building received any signifcant upgrade that actually improved the experience for shoppers and tenants? I can’t remember one.

The QIC owns the block that includes the Centrepoint Centre. They may have some interest in running it down….

They didn’t used to though did they? That has been a fairly recent aquisition by them. Mt point still stands – previous owners didn’t do anthing to modernise or make attactive that building (or any of the others that surround Garema Place).

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