Massive rent reduction for Lismore's old Target building
"WE CAN rejuvenate Molesworth St by leasing these two properties and help the town regain its vitality."
Standing on the footpath outside the former newsagency space in Molesworth St, Wal Murray & Co First National Real Estate commercial manager Jed Heath was talking about breathing more life back into the Lismore CBD.
Mr Heath said he was excited, as two of his landlords had agreed to reduce their rents for a 12-month period in order to attract tenants.
"Thankfully some of these landlords are starting to see the light and I have managed to persuade them to drop the asking rents by a huge margin," he said.
"We are doing absolutely everything possible to get the CBD back in some sort of shape, we do not want it to be a ghost town."
Mr Heath said the lease of the former Target building at 120 Molesworth St was now reduced from $9900 to $6600 per month, for the first 12 months and the former Scott's newsagency at 144 Molesworth St was now at $2800 per month for the first 12 months, reduced from $4400.
"If we can get these two shop fronts leased it will show confidence in the CBD," he said.
"The landlord of 144 Molesworth St is based in Ballina and said he does not want the space empty any longer."
He said a perfect example of one business encouraging more passing trade to the surrounding businesses was Muzza's Milk Bar on the corner of Molesworth St and Star Court Arcade and the reopening of the café in the arcade.
"This arcade is buzzing again and rarely a spare seat in the café, I have eight tenancies in the arcade and to have the front shop leased it's brought so much life back here."
Mr Heath was optimistic about the rent reduction which was announced on Wednesday and he was now planning to contact some of the larger chains to explain the incentives involved in opening a space in the Lismore's CBD.
"Now is a good time to look at moving into Molesworth St," he said.
"There's a lot of opportunity to come into the town and the rent reduction is a good incentive."