THE eastern part of the CBD area around Barrack Street – long regarded as a Cinderalla retail area – is poised to become a major shopping hub, according to NSC Corporate Property Consultants director Andrew Campbell.
He said the area was already witnessing a boom in retail development driven by a surge in residential developments in surrounding areas.
The renaissance was also evidenced by the number of restaurant chains already targetting Barrack Street in anticipation of greater consumer demand.
“Hungry Jacks will relocate to the corner of Murray Street and Barrack Street which is adjacent to the planned Woolworth’s retail store on Murray Street,” Mr Campbell said.
“The new Woolworth’s store is just one of several large developments planned in the Barrack Street area including a new Coles Myer mega store and the new David Jones store on the old Aherns site.
“These new developments will attract shoppers from the growing number of new residential developments in Northbridge, North Perth and East Perth.”
He said the interest was underlined by the fact NSC Corporate had just leased the landmark Hungry Jack’s building at 91 Barrack Street to the owners of a new Korean restaurant – Silver Vision.
“The owners of the new restaurant believe the site offers an excellent opportunity to tap into the growing population in the inner northern and eastern areas of the city.”
Mr Campbell said the fact that the Hungry Jacks site was leased within a month underlined the strong demand.
“In previous years, retail sites at the northern end of Barrack Street have been slow to lease and sell,” he said.
“The opening of the new bell tower development later this year will be an added stimulus to consumer traffic especially from tourists.
“This will be further boosted by the planned development of the new Four Seasons hotel at the State Treasury Building on Barrack Street.”
The planned three-star hotel at Barrack Square by Country Lodging Australia should also increase traffic in the area.
