Perth’s Kings Square development is set to rival sophisticated developments such as Southbank in Brisbane and Darling Quarter in Sydney, according to local retail experts who say eastern states retailers are flocking to be a part of Kings Square.
Retail property specialists Lease Equity and Metier believe Kings Square will not only link the city to Northbridge but is also set to be a major game changer, already attracting significant interest from the east coast.
“Negotiations are already underway with several prominent business groups in the eastern states to be a part of Kings Square as they understand the opportunity that a sophisticated, well located development such as this can bring,” Jim Tasaglis, Managing Director of Lease Equity.
“More than 30,000 people per week visit the Perth Arena facility already – adjacent to Kings Square.
“Investors in the development will have an opportunity to capitalize on those visitors before and after entertainment at the Arena. Local restaurateurs already say they have increased business on the nights when the Arena has a Wildcats game or a show on.”
Darryll Ashworth, Chief Executive Officer at Metier said Kings Square ‘ticks all the right boxes’.
“The calibre of tenants who have already signed up at Kings Square is high so there will be a large sophisticated workforce with Shell, John Holland, HBF and other premium tenants occupying the development,” Mr Ashworth said.
“And Kings Square will not only feature amazing dining and bar offerings, it will be Perth’s first full services centre – boasting the very best in banking, finance, medical, health, beauty, shopping and entertainment services.”
Developed by Leighton Properties, King Square is a world class master planned precinct strategically located within the $5.2 billion Perth City Link development – one of Australia’s most significant commercial and retail projects.
Leighton Properties Project Director Bradley Norris said “Kings Square will be a ‘game-changing’ precinct with retail spending set to increase considerably from next year.
The exciting and contemporary green-star precinct is to be located adjacent to Perth’s new primary transport hub; the underground train and bus stations and at the junction of four of Perth’s most popular commuter cycle paths, and will raise the bar for quality, amenity and transport connectivity.
“It is also in close proximity to the city’s entertainment and cultural precincts including the newly completed Perth Arena,” Mr Norris said.
Mr Norris said Kings Square would also be the new home of progressive retail businesses, with the precinct to include a range of lifestyle advantages such as a new childcare centre, 24-hour gym, retail, restaurants and open spaces.
With five office towers, four of which are being built simultaneously and due for completion in mid-2015, plus two residential buildings, Kings Square will have an immediate population of more than 3,500 potential customers.
“There will also be a daily influx of thousands of workers (300 construction workers at Kings Square alone) residents from the surrounding areas, plus its location on the busy pedestrian path from nearby transport hubs, the CBD and Northbridge and the numbers really begin to add up,” Mr Norris said.
The first stage of Kings Square offers ground floor tenancies ranging from 79sqm to 264sqm. Major retail tenants already committed to the development include Buggles Childcare Centre, Surge Health and Fitness and a signature restaurant from the operators of popular Grand Central Park on St Georges Terrace.
Estimated retail spend
Research undertaken (by Urbis – February 2014) on the retail market at Kings Square shows an estimated total retail spending of $110 million in 2015.
The analysis highlights that Kings Square is accessible to an on-site office worker market of $40 million in 2015, a walk-in office market of $48 million and 4.1 million pedestrians annually in 2015 from a combination of residents, workers, bus commuters, Perth Arena event traffic and through traffic between the CBD and Northbridge.
Along with the office and resident market at Kings Square and Perth City Link, the site also benefits from its proximity to the surrounding walk-in resident and worker market.
A total of 1,130 residents and 4,550 workers are located within 500 metres which, according to Urbis, indicates an additional $70-$72 million in retail spending.
Mr Norris said Leighton Properties is confident that Kings Square will create a community that is a destination for locals and visitors alike, provide a good work-life balance for those working in the precinct and make it a meeting place, not just for work, but also for play.
“With interest in Kings Square already exceeding expectations, the development looks set to drive Perth’s wide-spread economic growth, offer better connectivity from Perth to Northbridge and help revitalise Perth’s CBD with a thriving new inner city hub – with great new bars, restaurants and cafes."
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