The deal includes a $695 million dollar investment by the Commonwealth Government, State Government and Edith Cowan University to move its law and business schools, along with the Western Australian Academy of Performing Arts into the CBD.
The plan to bring these campuses into the CBD will not only attract an anticipated 9,200 students and staff on day one; it will bring a new dynamic to the CBD and as a consequent of that, attract people, private investment, activity, and revenue for small businesses.
John Percudani, Managing Director of Realmark commented that this plan is exactly what CBD needs to reinvigorate the city centre to be a thriving, 24/7 metropolis where businesses are set up for success.
“Over recent years, the CBD has seen a significant decline in businesses wanting to base themselves in the city centre,” said John
“High rents, combined with increased crime rates and a decline foot traffic and population, businesses have struggled to either see the value in basing themselves out of the CBD, or haven’t been able to sustain their presence and consequently have chosen to relocate or close their doors.
“We’re seeing an increasing trend of people staying within a 5km radius of their residence, with the ‘local village’ winning people’s hearts over the CBD due to a reduction in activity and vibrancy in the city centre. Currently, people are reverting to local communities like Leederville, Mount Lawley and Scarborough to find social connection and atmosphere that the CBD may currently be lacking.
“The announced plan will bring people back into the centre, giving businesses and entrepreneurs the confidence to invest and diversify the city’s offering.
“Strong businesses are the beating heart and culture of the CBD. The growth in customer base will begin to feed businesses again so that they can survive. The renewed vibrancy will attract people out of their social ‘bubbles’ and back into the city centre,” said John.
The plan will also feed the developer appetite, with an expected increase in mixed-use development demand.
Perth’s CBD now has all the foundations laid to transform its culture over the next five years; positive news for businesses who have stuck out some challenging conditions over the past decade, while providing new opportunity to businesses whose aspirations are to place themselves in a high-energy, inner-city location.
If you’re looking for premises for sale or lease in Perth’s CBD and surrounds, get in touch with Realmark Commercial today to be kept up to date with opportunities as they come to market.