Perth city is on the cusp of the biggest program of redevelopments in a decade, signalling the start of a new era for the capital city.
Confidence in the City’s future is high, with national developers capitalising on counter-cyclical opportunities presented as the economy moves to recovery.
The City of Perth has developed a 3D model of the CBD’s future, showcasing the reinvestment occurring throughout the city’s retail core.
CEO Martin Mileham said two major projects worth $350 million will see new cinemas at Raine Square and a reinvigorated Forrest Chase.
“These large scale redevelopments of Perth’s iconic shopping precincts are poised to transform the way visitors, residents and workers interact with the city,” Mr Mileham said.
“Developers have chosen to invest in Perth over other prime economic centres in Australia and the world, confirming their confidence in Perth’s economic and commercial future.
“These major projects don’t occur overnight, but once complete will change the face of Perth. The vacancies across the city have provided a strategic opportunity to prepare our malls for renovations and for our local economic recovery, which is well underway.”
Charter Hall’s Head of Office Development, Andrew Borger said the vision for Raine Square is to reimagine the city block into an inviting and enticing seven-day-a-week experience.
“The development will deliver 40 new stores, and we are bringing back the movies to the Perth CBD for the first time since 2013, with 12 new cinema screens, to create a vibrant film, arts and entertainment hub with Palace Cinemas.”
Mr Mileham said these major developments are perfectly positioned between key State Government projects such as Yagan Square, City Link and Elizabeth Quay.
The flagship public space of the Perth City Link project, Yagan Square will be complete and open to the public early next year.