Businesses on Bridge Road in Richmond, which has a whopping 15.5 per cent vacancy rate, fear an insolvency snowball effect.
Bhim Khadka’s restaurant in a once-thriving Melbourne retail strip has five stars on Google and three staff on the floor, but not a single customer at lunchtime on Tuesday.
The street, which has a whopping 15.5 per cent vacancy rate, provides a window to a broader trend, with theThis marked a 26 per cent increase on the same month last year and was the first time since 2015 that insolvencies rose above 1000 in a single month.Mr Khadka, 33, opened his Australian-Italian fusion restaurant, Stone on Fire, this year but says if business doesn’t pick up pronto, he doesn’t think he will make it to 2025.
“Everyone is feeling the pinch and for me, personally, cutting staff was horrible as it had nothing to do with them. But in business you have to make hard decisions.” He said landlords were taking these holdover deals because it meant rents were still going up, but were doing so at the expense of certainty.
In shopping centres, vacancy rates generally sit between 4 and 7 per cent across states and shopping centre asset classes, Plan1 figures show.
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