Yarra City Council’s latest precinct vacancy audit reveals considerable progress in reducing vacant properties across Yarra, with Bridge Road in Richmond leading the improvement.
This annual audit, which assesses vacancies across Yarra’s 12 retail and service precincts, is part of our ongoing commitment to revitalising our local precincts and supporting economic growth.
Richmond’s Bridge Road reduced its vacancies by 16 properties from the previous year, marking a significant step towards recovery. This improvement is mirrored across Yarra, where 10 out of the 12 precincts saw a reduction in vacancy rates. The overall vacancy rate has dropped to 13.9%.
Yarra Mayor Edward Crossland said Council is encouraged by the positive developments.
“These results – on Bridge Road and across other precincts in Yarra – reflect the effective strategies and initiatives we have implemented to support our local businesses and help these precincts thrive. They also highlight the value of working closely with traders associations, such as the Bridge Road Traders Association.”
The audit, covering approximately 2,500 ground-floor businesses, provides crucial data that assists Council in strategic planning and supporting the local business community.
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