Pukka Tucka & More in the CBD

Sep 18th, 2012

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Lease Equity


Perth CBD is undergoing a transformation of gastronomical proportions. A plethora of bars and restaurants have recently opened in the Perth CBD with more reportedly planning to open.

Lease Equity’s Managing Director Jim Tsagalis has been responsible for many of the new entrants into the market including The Trustee, The Heritage Brassiere and the Print Hall a four level 1,400 sqm venue about to open in the former West Australian Newspaper’s building on St Georges Terrace at Brookfield Place. He counts these outlets as world class and comparable to most other leading venues around Australia.

‘We have also recently leased The Mitchell’s Building on Williams Street to Jamie Oliver to run a Jamie’s Italian’ Tsagalis said. Oliver is to open only his second outlet in Australia in Perth.  He was convinced due to the economic growth experienced in Perth and the recent changes in the Perth CBD. ‘The process was one of the most comprehensive I’ve ever been involved in. Jamie Oliver’s team extensively reviewed population forecasts, visitations to the Perth CBD and eating habits before they made the decision to open in Perth’ Tsagalis said, ‘they are due to open in early 2013.  There was certainly an expectation from the Jamie’s team that Perth was ready, and that a pent-up demand for more quality food outlets existed’.

The Perth CBD is changing significantly and Tsagalis contributes this to changes in liquor licencing laws, increased office population including the emergence of many global players such as BHP and Chevron taking significant occupancy in the Perth CBD.

‘Added to these drivers the Perth Waterfront, City Square and additions to the train system have all added to Perth becoming a true destination’ Tsagalis said. The juxtaposition of built form and large cross section of people, and the CBD more than ever is becoming a destination for diners.  Perth’s shortage of hotel rooms has been well documented and it is obvious that more hotels will open with the six star Amman Hotel already having begun construction. All of these factors have conspired to create a more sophisticated environment to attract food and beverage operators into the Perth CBD. Tsagalis has also leased premises to the Publican Group who will soon open an outlet at the Durack Centre known as The Durack.

The Global Financial Crisis has affected the whole world and Perth is no exception.  The difference with Perth and the growth of this sector is multi-layered and inset to continue.

Interest from some of the worlds leading food and beverage operators in the Perth CBD market has surged in recent times, as have rents for appropriate premises, Tsagalis added. We have interest from many other groups both nationally and globally in the Perth CBD.

Source: www.lease-equity.com.au

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