The owner of the one40william office and retail building in central Perth, which has struggled to attact shoppers and retain tenants, has unveiled a new vision focused on the development of an 'urban village' with bars and restaurants connected by laneways.
Cbus Property has lodged a development application with the City of Perth, proposing architectural changes to the building to create a better-connected and more enticing space with increased light.
The proposed changes will also give local artists the opportunity to display their wares at the building, which is to be rebranded 140, general manager Andrew Taylor said.
"Together with Cbus Property, our challenge is to create a more accessible and inviting retail and dining destination at 140," Mr Taylor said.
"Redevelopment will attract more people to 140 and the Perth CBD to experience the cosmopolitan laneway culture.
"The existing heritage buildings will provide the perfect backdrop for the engaging artworks, making 140 the place to visit in Perth."
A decision on the development application by the City of Perth is expected by late November.
If approved, construction will be complete by the end of next year.
The new strategy follows the loss of many of the retail tenants that opened outlets last year; they have largely been replaced by temporary 'pop up' retail outlets.