A SLEEPY street in the West End of Perth is undergoing a rapid metamorphosis with plans to link redeveloped retail and office space with the $45 million Raine Square development.
A SLEEPY street in the West End of Perth is undergoing a rapid metamorphosis with plans to link redeveloped retail and office space with the $45 million Raine Square development.
Queen Street, recently resurfaced in a similar style to King Street, is in line for a major face-lift with plans for redeveloped retail on the street and office development above in several different sites
DTZ Australia leasing manager Glenn Dumbrell said the owner of Raine Square approached the owner of the building (Barry Silbert) regarding a thoroughfare to Raine Square, which would increase exposure for retail on the ground floor of 26 Queen St.
“The owner is also considering putting another floor across looking onto Raine Square, but we’re waiting for costs to redevelop and design this and see whether this will be viable,” Mr Dumbrell said.
“We’d market it to people who would like to be on Queen Street but who aren’t dependent on passing traffic.”
Mr Silbert currently runs his fashion marketing business out of 26 Queen St, using all four levels of the building for stock and showrooms.
While the location works well for Mr Silbert, he admits it’s not crucial to his business and unlocking the value in the property is a better long-term plan.
On a net basis, Mr Dumbrell estimates the retail floor space of the redeveloped building would generate around $325 per square metre annually, or approximately $26,000.
“There’s a fair amount that’s happening there (in Raine Square) that we could link in with. All the city councillors are good to work with and they’ve seen the vision,” Mr Silbert said.
“It’s two or three years away until it becomes King Street, but the council has invested money in the road already.”
Mr Silbert claims the space could be very attractive to tenants in other, more expensive, parts of the city who are keen to move into this developing area and make some savings on their rent.
The plans will have to go before council and there are heritage issues pertaining to the façade of the three-storey building.
Just a little further down the road the Hassels building, which includes substant-
ial retail space on Queen Street, has been purchased by Brian Davies, the owner of Hobnob Bridal shop in Raine Square.
It’s understood Mr Davies has drawn up plans for redevelopment of the site.
Queen Street, recently resurfaced in a similar style to King Street, is in line for a major face-lift with plans for redeveloped retail on the street and office development above in several different sites
DTZ Australia leasing manager Glenn Dumbrell said the owner of Raine Square approached the owner of the building (Barry Silbert) regarding a thoroughfare to Raine Square, which would increase exposure for retail on the ground floor of 26 Queen St.
“The owner is also considering putting another floor across looking onto Raine Square, but we’re waiting for costs to redevelop and design this and see whether this will be viable,” Mr Dumbrell said.
“We’d market it to people who would like to be on Queen Street but who aren’t dependent on passing traffic.”
Mr Silbert currently runs his fashion marketing business out of 26 Queen St, using all four levels of the building for stock and showrooms.
While the location works well for Mr Silbert, he admits it’s not crucial to his business and unlocking the value in the property is a better long-term plan.
On a net basis, Mr Dumbrell estimates the retail floor space of the redeveloped building would generate around $325 per square metre annually, or approximately $26,000.
“There’s a fair amount that’s happening there (in Raine Square) that we could link in with. All the city councillors are good to work with and they’ve seen the vision,” Mr Silbert said.
“It’s two or three years away until it becomes King Street, but the council has invested money in the road already.”
Mr Silbert claims the space could be very attractive to tenants in other, more expensive, parts of the city who are keen to move into this developing area and make some savings on their rent.
The plans will have to go before council and there are heritage issues pertaining to the façade of the three-storey building.
Just a little further down the road the Hassels building, which includes substant-
ial retail space on Queen Street, has been purchased by Brian Davies, the owner of Hobnob Bridal shop in Raine Square.
It’s understood Mr Davies has drawn up plans for redevelopment of the site.
