02/11/2004 - 21:00

Cambridge plans unveiled

02/11/2004 - 21:00

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Cambridge Street Projects Pty Ltd director Greg Pearce hopes to start building a four-tier $14 million retail development in West Leederville next year.

Cambridge Street Projects Pty Ltd director Greg Pearce hopes to start building a four-tier $14 million retail development in West Leederville next year.

Mr Pearce, a director of property developer Windsor Knight Properties, bought lot 37 at 115 Cambridge Street, West Leederville, from Nick Petrelis for an undisclosed sum on October 20.

Leasing options are currently under discussion with the existing seven tenants at the site, according to Mr Pearce.

The total development area is 5,252 square metres, which include a basement car park, a 2,500sq m ground-level supermarket with between six and eight shops, a first-level 860sq m medical centre with five consulting rooms and car parking for 71 car bays, and a second-level 800sq m office development.

The plans have been drawn up by Oldfield Knott Architects.

Mr Pearce has confirmed to WA Business News that Coles Supermarkets has signed an intention to lease a 2,500sq m space on the ground floor.

He said that, should the Cambridge Street retail development proceed as planned, it was expected Coles would take on a formal lease.

Mr Pearce said there was strong inquiry from vendors interested in taking out the remaining retail leases at the site.

“The purpose of the centre is as a neighbourhood centre so the shops will be the usual ones that service people’s daily needs, things like a chemist,” he said.

Mr Pearce said the location was ideal for retail of this nature.

“It’s suitably zoned for commercial use and there seems to be a retail hole in that area. There is a lot of residential development and it’s an older established area,” he said.

Dewsons Supermarket is located nearby at 320 Cambridge Street, while Woolworth’s is located across the railway line in Subiaco.

Coles also has a supermarket in Subiaco, near the Farmer Jack’s site.

Mr Pearce said he thought it was unlikely that Coles would close its Subiaco store if it opened a supermarket in West Leederville.

He said Coles had been expanding aggressively across the country and was actively looking for potential sites for new stores.

The proposed upper floor medical centre was designed to meet the needs of a number of local general practitioners, Mr Pearce said, who had expressed interest in amalgamating under the one roof and under one business name.

Mr Pearce is also behind a $7 million retail development in South Perth, which will house a Coles supermarket.

The site, currently under construction on the corner of Angelo and Anstey streets, will be completed by July next year.

“There will be a 1,300 square metre Coles Supermarket and a couple of speciality shops and office space on the first floor,” Mr Pearce said.

Windsor Knight Properties is also scheduling the completion of a Kalgoorlie retail development next year. The site includes a 4,000sq m Target outlet and 1,200sq m of speciality shops, with a handover to tenants for final fit-out in March 2005.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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