Retailers’ tills ring in Kings Square, City Link potential

Jul 2nd, 2014

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Article by:
Marissa Lague

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Kings Square's retail market will be the food and beverage hub at Perth City Link and is expected to attract retail spending of $110 million when it opens next year.

Metier chief executive Darryll Ashworth said Kings Square's office buildings and links to Northbridge and the CBD would deliver a critical mass of people to the new precinct. He said interest from retailers had been solid.

"We have 60 per cent of the 5,000sqm of non-office space at Kings Square already leased and expect tenants for the remaining space by December." Mr Ashworth said.

"Retailers like Kings Square because it is bookended by the Arena and the new bus station, and it's also the direct link between Northbridge and the city.

"Coupled with that is the quality of the office tenants. It will be the regional head office for Shell, HBF, John Holland and because there's four sizable buildings being built at once, there's also an instant critical mass."

Mr Ashworth said two apartment sites would also follow quickly, adding 1,300 residents to the 3,000 people working in the office buildings.

"On two nights a week, 13,000 people a night will go to the Arena and whether it's Beyoncé or the Wildcats, it will give the precinct that extra sizzle." he said.

According to research from planning and consulting firm Urbis, from next year Kings Square will be exposed to an on-site office worker market worth $40 million, a walk-in office market of $48 million and 4.1 million pedestrians each year.

Lease Equity managing director Jim Tsagalis said food and beverage retailers had been quick to recognise Kings Square's potential.

"It will clearly benefit from a lot of very substantial commercial drivers and they will all conspire to give it some real grunt." Mr Tsagalis said.

Kings Square, which is being developed by Leighton Properties, contains six of Perth City Link's 16 development sites.

The other eight will be developed in a joint venture between Leighton and Mirvac on Queens Square.

With international retailers circling Perth and on the look out for big spaces, Mr Ashworth said it was likely there would be a focus on retail, including a two level flagship apparel retailer in the next stage of Perth City Link.

Source: www.thewest.com.au

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