Health and beauty retailer Priceline will occupy Dick Smith’s former flagship Adelaide store on 55 Gawler Place, relocating from its current premises a few doors down at 69 Gawler Place.

Just weeks after the failed electronics chain shut its doors for the final time, property firm CBRE has found a new tenant for the 535sqm retail space for a seven-year term with five-year option.

“Following the collapse of Dick Smith we knew that the Gawler Place tenancy would need to be placed on the market,” said Julia Pottenger, associate director, CBRE. “We were always confident it would lease well due to its close proximity to Rundle Mall and, after a short campaign, we received four offers, all from national tenants.”

Pottenger, who negotiated the lease, said Priceline had wanted to relocate to be the first pharmacy off Rundle Mall.

“Given that the tenant has been trading well in this location for many years it gave our client some comfort going into the lease negotiations,” she added.

In addition to the relocation deal on Gawler Place, Priceline is also currently fitting out its Myer Centre tenancy where its offer has been expanded by around 30 per cent. This will take the store to 550sqm.

Priceline was formed in 1982, with the first store opened at Highpoint in Victoria. The retailer now has over 400 stores nationwide.

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