Search

Northbridge optimism grows

OPTIMISM is growing among Northbridge landowners as the Northbridge renewal project begins to take shape.

It was enough to make Supermail boss Bradley Moore and new-found Supermail tenant Hatch to take an interest in the area.

And the redevelopment could be the catalyst for other new projects. The Myer Megastore development on the corner of Beaufort and Stirling streets also is opening the way for development on other sites.

Combined with a Masterplan by the Museum for a $100 million redevelopment and expansion of their site in the cultural precinct, plans by the Police Department to relocate from Curtin House, and a development waiting to happen in the Swan Barracks in Francis Street and the area is likely to be a different place in five years time.

According to Mr Moore, many businesses still have the “St Georges ego” which made them think they had to be in the centre of the city, when in reality the Northbridge/Perth area was closer than many offices in the CBD to the train station.

Mr Moore believes the area will continue to gain acceptance among businesses because of the cheaper rents and outgoings, availability of parking and close proximity to public transport.

According to Colliers Jardine leasing agent John Adcock, while leases varied from $140 -$220sqm in the Northbridge area, in Perth prices were up to $250sqm in A-grade buildings.

Another advantage for the area is the large blocks, which lend itself to large floor plates. One industry source said in the high rises in the CBD about 10 per cent of the staff could be lost in the lift at any on time.

East Perth Redevelopment Authority acting CEO Tony Morgan, who is acting as project manager for the Northbridge redevelopment over the tunnel, believes that the private sector will come to the party as work gets underway on the $35 million project.

Based on Mr Morgan’s estimates, the private sector will inject between five and 10 dollars for every dollar the Government spends in the area – adding a further $350 million in private sector investment.

While Mr Moore has already acted, others like the Young family, which owns large parcels of land surrounding the redevelopment area as well as the Young Toyota dealership, are expected to capitalise on the project.

Another major landowner, Clive Hassell, brother of Bill Hassell, is also working with the Town of Vincent to try to develop a 10,647sqm parcel of land, which previously housed Gregson’s Auctioneers and National Iron and Steel.

Architects Meyer Shircore & Associates are putting together plans for a low-rise residential and commercial development on the site.

Meyer Shircore & Associates principal Steve Shircore said it was too early to make any firm comment on the development proposed because they were still in tentative talks with the Town of Vincent and nothing had been officially lodged with the council yet.

However, the council has indicated that it would support the redevelopment of industrial sites into residential and commercial uses.

Metway real estate principal Eric Rogers, who operates out of the area, is very bullish about the future of the area – although he believes it could still take several years before the area reached its potential.

Museum business develop-ment manager Nick Maynam said the museum badly needs more space for storage. Already, the museum was using a number of sites, including sheds at Fremantle’s port for storage. Mr Maynam said the museum was looking for up to 20,000 square metres in the one facility to house museum pieces.

He said the museum was looking at leasing 12,000 square metres of space in the Supermail Centre but this had fallen through because of a lack of money. He said the Masterplan would hopefully get State Government approval later in the year, which would provide the much-needed injection of funds.

Burgess Rawson selling agent Peter Edwards said people often got confused when talking about the area. Many thought the area formed part of East Perth, while others believed it to be part of Northbridge. Yet the area sits within the Perth postcode as well as part of the Town of Vincent. Mr Edwards believes the area should have its own identity because it was different than Northbridge or East Perth. He suggests a new name like Loton Park, a name that has historic links with the area, would be more fitting and help in the marketing of the area.

Mr Morgan doesn’t see the need for a name change, preferring to leave that to the City of Perth to decide. He believes the area forms part of Northbridge and would be marketed as such by EPRA.

Add your comment

BNIQ sponsored byECU School of Business and Law

Students

6th-Australian Institute of Management WA20,000
7th-Murdoch University16,584
8th-South Regional TAFE10,549
9th-Central Regional TAFE10,000
10th-The University of Notre Dame Australia6,708
48 tertiary education & training providers ranked by total number of students in WA

Number of Employees

BNiQ Disclaimer