The high-profile and long-empty Mt Lawley building previously occupied by Planet Video could open its doors again by mid-year, with Mexican food franchise Guzman Y Gomez to take up just over half of the prominent space.

An agreement over the remaining space in the building on the corner of Beaufort and Walcott streets is just weeks away.

Burgess Rawson real estate manager Shane Isaacs said it looked likely a retailer would take up the space.

He said since the site had been empty "about 90 per cent" of inquiries had come from would-be bars and restaurants but interest from retailers appeared to be rebounding.

"The rents have really pushed out some of the retailers," Mr Isaacs said. "But we're starting to see some interest from the retailers coming back."

Guzman Y Gomez has one store in WA, on James Street in Northbridge, but more than two dozen spread across other States and Territories.

Beaufort Street already boasts four Mexican restaurants or fast food shops - Zambreros, El Publico, Pancho's Mexican Villa and Salsa's Mexican Grill.

The corner site has been the subject of speculation since Planet Video moved to a smaller site next door.