WHILE it may not be dire straits yet, it’s hard to ignore the number of vacant shop fronts lining the streets of Bathurst’s central business district.
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Currently, there are more than 60 commercial real estate opportunities in Bathurst for those looking to lease a space, including both retail and office spaces in the CBD and further afar.
Bathurst Real Estate's commercial agent, Sharyn Semmens, said she is finding long-term tenancies of big premises harder to move.
She said emerging businesses are currently looking for smaller premises and aren't eager to take on the cost and responsibility that comes with larger spaces.
When asked which areas of the CBD were most affected, Mrs Semmens said that William Street would be the worst, while George Street is doing well at its heart, but struggling further along.
"The Bolams have put a few on the market, so maybe a bit of oversupply at the moment, but there are smaller [spaces] that are being filled," Mrs Semmens said.
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But, she doesn't necessarily think that commercial spaces are overpriced in Bathurst, saying it's a "tough" question to answer as there are many factors at play.
"There is a lot of costs involved with being the owner of a property that is commercial. I know tenants say it is too high, but there are costs involved for the owner," Mrs Semmens said.
When it comes to the city’s shopping centres, tenants are relying on the patronage of the larger anchor stores to increase their own foot traffic.
These tenants may benefit from additional customers, but they face more costs to be in the shopping centres.
“There are extra costs for businesses when they go into a shopping centre, often costs of complying with legislation, which is not immediately obvious to the general public,” Mrs Semmens said.
“These costs have to be recouped by the shopping centre management and are often thus passed onto the tenants.”
She said that the number of vacancies in Bathurst’s centres may have more to do with an oversupply of space.
“General wisdom in town seems to be that the Bathurst City Centre was probably built a bit early and has thus contributed to the retail vacancies – supply has outstripped demand,” she said.
Mrs Semmens said that the number of vacancies in the CBD may seem startling, but it is a situation being seen everywhere.
“I think we are doing okay. I think Orange is in worse trouble than us,” she said.
“You are going to see vacancies come up, but I think we are doing okay.”
