City retail revamp aims to rival the ‘burbs

Aug 28th, 2017

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Article by:
Katie McDonald

Attila Csaszar

Lease Equity managing director Jim Tsagalis believes the city is well positioned to take advantage of an increased retail offering, considering other pending prperty developments in the CBD.

"We're about to see is this huge upswing in the number of hotels in the city, somewhere in the order of 2,700 rooms," Mr Tsagalis told Business News.

"We're also seeing the update of student accommodation."

Mr Tsagalis said the opening of Perth Stadium and the mix of developments under way at Elizabeth Quay would also help lure more locals, as well as tourists, to the city.

The introduction of non-stop flight to London could also lift the market, he said.

"Perth (retail) has become more difficult, there's no doubt about that; but the suburbs have a bigger if not greater challenge - they're competing against each other because they are to a certain extent homogenous to the CBD," Mr Tsagalis said.

"The CBD in many ways stands apart as a truly unique offering; Elizabeth Quay is game changing, who do you think in shopping centre land is going to put in the Swan River to look over?"

"I think we're near the bottom. Lease Equity has just transacted, in the last three months, 40 per cent more deals than we've done in the six months before."

"This included the signing of three new tenants on Hay Street Mall - the AFL store, bag retailer Crumpler, and jeweller Swarovski.

Mr Tsagalis said an ongoing issue for the CBD was that it had hundreds of landlords and was not commonly owned, like major shopping centres.

"By its very nature the CBD is a litle bit disorganised collectively," he said.

"Generaly when the market moves one way it moves really quickly.

"I don't think any owner of a retail asset needs convincing to stay relevant."

Click on the link below for the full article from Business News Western Australia


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