World’s most expensive street

If you thought that Fifth Avenue on New York’s Manhatten Island was the most expensive place to open a retail outlet think again.

Hong Kong lays claim to that title with a 12 square metre electrical goods shop in the city’s exclusive Russell Street selling for a staggering $US23 million , or just over $2 million per square metre.

The store is currently on the market for rent at $HK400,000 ($55,900) per month, according to a Bloomberg report .

The sale has contributed to establishing Russell Street in Hong Kong’s Causeway Bay as the world’s most expensive street. Russell Street first topped the ranks in 2012, and continues to do so,  supported by the presence of high end retailers.

Overall, Hong Kong is considered the most expensive city in the world to rent a shop. In its first quarter report into retail rentals, CBRE Global Research and Consulting put the average annual retail rent in Hong Kong at 33,838 euro per square metre, or $49,800. This compares to 27,336 euro in New York, and 10,663 euro in London.

Australia’s own retail sector lags in comparison. In Sydney, prime retail space goes for $10,300 a square metre and in Melbourne only $8,800.

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