The City of Fremantle says it is mulling an $80 million proposal from landowner Sirona Capital Management for the redevelopment of the Kings Square precinct, including the Myer building and Queensgate buildings and car park.
The council said it would next week consider a recommendation to sign a memorandum of understanding with Sirona Capital, which chief executive Graeme Mackenzie would provide the platform for further negotiations regarding the redevelopment of the precinct.
“It is an important starting point and a unique opportunity for the city to facilitate the redevelopment of key sites through a single integrated project,” Mr McKenzie said.
“Redeveloping King’s Square as a precinct would allow us to achieve a number of objectives outlined within the City’s strategic plan within one project – it’s a very attractive opportunity to provide the Fremantle CBD with a vibrant focal point.”
Fremantle Mayor Brad Pettit said any redevelopment plan would include stakeholder engagement and community information programs from the outset.
“Quality building design and effective land use are critical to the success of this redevelopment opportunity,” Dr Pettit said.
“Should it be found feasible to proceed, a great deal of effort will go into a design that is worthy of the important place King’s Square serves as a civic space in Fremantle.”
If the council approves the agreement, it will enable the parties to being a nine-month due diligence process.
Sirona Capital acquired the Myer Fremantle building last month, and will redevelop and re-lease the building in partnership with Luke Saraceni’s Saracen Properties.
The developer said the end value of its plan, which will provide 20,000 square metres of refurbished retail and commercial space, would be approximately $80 million.
