P O R T F O L I O NOVEMBER 2021
HOW HAS COVID-19 IMPACTED COMMERCIAL PROPERTY? The face behind the $1.3 billion Jandakot Airport deal
Focus on Perth’s retail strips
A first look at the latest commercial property opportunities
ANDREW FREEMAN Head of Agency Operations
Last month the Ray White Commercial network celebrated the International Awards at the JW Marriott on the Gold Coast. In a sign of the times the evening was a combination of in person attendees as well as hundreds more streaming from New Zealand, Hong Kong and around Australia. Congratulations to all our members that were recognised on the night however special mentions to Directors Cup winner Philp Hunt (Tauranga), number 1 performer Scott Stephens (Sydney North) and number 1 business Hong Kong. Recognising the outstanding achievements of our top performers remains at the core of Ray White Commercial’s recognition program. The Chairman’s Elite are the highest performing members of the Ray White Group and it was wonderful to congratulate Scott Stephens (Sydney North), Troy Townsend (Townsville), Peter Vines (Western Sydney), Michael Willems (Gold Coast), Peter Wiltshire (Valuations) and Kingsley Wong (Hong Kong) for their outstanding performance over the past year. Now that borders have started to open or opening dates have been aligned to vaccination rate, confidence is well and truly alive in the commercial real estate market. We are anticipating that the traditionally quiet Christmas and New Years period will be busier than any time we have experienced before. Investors looking to make up for the lost time in lockdown are looking to deploy their sizable cash reserves into a diverse range of assets, with retail investments and offices back on the shopping list. And finally, the most talked about deal in the Australian property market, the sale of Jandakot Airport in Western Australia. Congratulations to Brett Wilkins (Commercial WA) on bringing this record breaking $1.3 billion deal together with Dexus and Ascot Capital, representing one of the largest property deal in Western Australia.
QUICK JUMP TO A REGION QLD
NSW
VIC/SA/TAS
WA
NZ
PORTFOLIO | Ray White Commercial | 3
HOW HAS COVID-19 IMPACTED COMMERCIAL PROPERTY? The COVID-19 pandemic has significantly impacted our economy with various lockdowns and restrictions altering the way we interact with property, notably commercial assets. While interest rates remain low and financing options are greater than ever before given the weight of funds in the market, we’ve seen some significant results across the commercial investment market. However, some asset classes have fared better than others; here is our guide to how COVID-19 has impacted commercial property:
VANESSA RADER Head of Research
4 | PORTFOLIO | Ray White Commercial
Industrial property in much higher demand The Industrial asset class has been the big winner during COVID-19, the increase in online shopping has grown the need for logistic/transport and warehousing assets, this is a combination of larger distribution facilities as well as smaller last mile locations throughout metropolitan areas. Well located assets continue to thrive with vacancy levels falling and rents showing some improvement, currently Industrial is the asset class most in favor with investors contesting for occupied assets resulting in tightening of investment yields. For some markets such as the Gold Coast and Sunshine Coast which have seen a large population increase due to interstate migration, this sea change has also brought an increase in new business starts. We’ve seen many of these small businesses borne out of COVID-19 job losses flourish and have also stimulated the smaller end of the industrial market, growing occupancy in the industrial unit market. Impact of retail is dependent on centre type As much of the country has come in and out of lockdowns since the pandemic commenced, this has made trade difficult for the retail sector. We’ve seen several businesses unable to weather the COVID storm and shut up shop leaving large vacancies across retail strips and shopping centres impacting rents. While supermarket and fresh food retailers have enjoyed an increase in custom other food retailers have had to grapple with take away and deliver options to keep the doors open, the ability to online shop across many sectors such as clothing and soft goods has further pressured businesses to close. Large format retailers have had some surge in activity over this time, a combination of work from home growing electronic sales and rising residential prices seeking furniture, whitegoods, gardening and home improvement still going strong. For some landlords, repositioning assets during this time of high vacancy has been fruitful with industries such as medical and childcare continuing to be active over this time and we have seen some retail assets successfully redevelop, future proofing these assets. Impact on the office market still to be determined Working from home has been forced upon many businesses in 2020 as the states moved in and out of lockdown through to today. The high overhead of
office accommodation has led to some businesses looking to rationalise their space requirements which has seen sublease vacancies increase over the past year. Across all office markets we’ve seen vacancies increase which results in pressure on rents down or a growth in incentives on offer. Major office markets like Sydney and Melbourne CBD’s are some of the worst affected, however are expected to rebound given the trophy nature of the city and their assets, while smaller suburban markets may take longer to recover. The onset of the pandemic has changed the way in which many workplaces interact with their office accommodation, which may result in a need for larger/smaller footprints, more flexible spaces, suburban satellite offices or even eliminate a full time location with serviced or shared offerings again growing in popularity. More time is needed to understand the true impacts for the office market however it’s encouraging to see take up of stock in overseas locations grow as lockdowns end and vaccination levels increase. Increasing demand for alternative property Alternative assets have been growing in popularity over the last 10 years as investors continue to seek out higher yielding investment options, these may include childcare, service stations, data centres, medical and fast food. Over time, this high demand has resulted in substantial decreases in yields, their often long-term, secure lease covenant has only fueled activity notably during this time of low interest rates and high availability of finance. During COVID-19 these assets have not been substantially impacted, childcare continues to operate even during lockdowns, medical establishments have only increased their need, more of the population is frequenting take away food options and as we spend more time at home our data requirements only increase. Limited travel has seen fuel sales down, however the growth in the new and used car market highlights a longer-term confidence for these assets. Concern regarding electric vehicles has not deterred competitive investment as the Australian Government have not shown any leadership around this, unlike many other parts of the world which have mandated targets to reach regarding electric vehicle sales. However we see many savvy operators and developers of new assets grow their food and other offerings to cater for the future charge market.
PORTFOLIO | Ray White Commercial | 5
MEET THE MAN BEHIND RAY WHITE’S BIGGEST REAL ESTATE DEAL After beginning his commercial real estate career in the 80s, Brett Wilkins facilitated the biggest real estate deal in Western Australia’s history with the $1.3 billion sale of Jandakot Airport. Born and raised in Western Australia, Mr Wilkins has worked with Ray White Commercial WA for the past 4.5 years as senior commercial property advisor. His career in real estate began in the Value General’s office in 1980, but Mr Wilkin’s interest in business quickly drew him to commercial real estate. “My real commercial start was with Jones Lang Wootton in 1984 as the industrial sales and leasing rep,” Mr Wilkins said. “I have always been in commercial real estate, although I did establish a residential project marketing and management company in 2001 and owned and managed that for seven years, but I didn’t really like that side of the business. “Dealing with the developers was great but I can’t say I like the residential side of business “I have always been drawn to business and nearly chose law for a career. I think commercial real estate is more aligned with that business interest.”
6 | PORTFOLIO | Ray White Commercial
Mr Wilkins said his favourite part about working for Ray White Commercial WA was the variety. “You’re not boxed into a particular asset class or price range,” he said. “I can move across all asset classes and I like dealing with institutions one day then a private Singaporean investor the next.” In September 2021, Mr Wilkins facilitated the $1.3 billion sale of the Jandakot Airport to Dexus, the biggest real estate deal in Ray White history. Mr Wilkins knew the vendors, Ascot Capital, and knew Dexus were looking to acquire an industrial portfolio in WA. He said he worked hard to maintain connections with his clients. “I network a lot and truly try to understand the client’s business and how I can help them,” Mr Wilkins said. In his down time when he’s not working on new deals, Mr Wilkins has a range of hobbies. “I don’t have as many hobbies as I’d like to, but I enjoy AFL, cooking, and skiing,” he said.
FOCUS ON PERTH RETAIL STRIPS VANESSA RADER Head of Research
The Perth retail strip market has shown robust levels of rebound in what appears a post COVID-19 economy for the State of Western Australia. Improving economic conditions of the State has had a significant impact on employment and residential house prices which has served to stimulate local retail trade levels across most sectors.
VACANCY (sqm)
NO. OF VACANT SHOPS
Bay View Terrace, Claremont
7.23%
4
Napoleon Street, Cottesloe
0.00%
0
Rokeby Road, Subiaco
11.38%
12
Oxford Street, Leederville
12.95%
3
Beaufort Street, Mt Lawley
10.63%
14
KEY RETAIL MIX ACROSS ALL SURVEYED STRIPS
21.84%
5.47%
13.81%
15.27%
13.83%
CAFES & R E S TA U R A N T S
SPECIALISED FOOD
CLOTHING & SOFT GOODS
SERVICES
OTHER, PERSONAL & HOUSEHOLD GOODS
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Despite these recent market movements, the prolonged period of stagnation and decline for the residential market has ended, it has been pleasing to see so many regions of Perth rebound with strong levels of median house price improvement, this has helped to grow confidence, couple this with low interest rates has further spurred on increases in retail turnover. Across our five retail strip locations, all have shown sizeable increases in residential house prices notably in Cottesloe which has seen median house price growth of29.21% to $1.86million, this attractive location has seen a 63.83% increase in house sales with this strong interest also translating to quality retail results with a zero vacancy factor recorded this period. While COVID-19 has impacted retail at large, we can see most of the retail strips we have surveyed showing signs of rebound and while some locations such as Claremont and Cottesloe continue to feature high levels of clothing and soft goods a sector in decline for most retail destinations, the potential to improve in the food retailing segment for these and other strips continue to be high.
TOTAL VACANCY BY STRIP (sqm)
18.00% 16.00%
There has been a structural change in the way which much of the population interacts with retail strip shopping prior to the COVID-19 pandemic, a decline in segments such as clothing and soft goods and recreational goods has occurred as they become more accessible online. However, despite this broader shift, markets such as Cottesloe which featured no vacancy has continued to buck the trend and the thrive with a strong weighting to these segments; food retailing and services however remain those sectors which often requires a higher physical patronage levels and instrumental in the improvement of some strips in our survey. Ongoing local developments which will aid in growing vibrancy across our surveyed areas will also prove to positively influence retail mix and custom, improving occupancy.
14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% CLAREMONT SEP-17
COTTESLOE SEP-18
SUBIACO SEP-19
LEEDERVILLE
SEP-20
MT LAWLEYHIGHGATE
SEP-21
Source: Ray White Commercial
It is encouraging to see that recent results of our retail survey after the tumultuous 2020 period hampered by COVID-19 lockdowns, vacancies have declined across all but one location including one fully occupied strip. Across all five locations we have surveyed 365 shop fronts which represents over 54,000sqm, vacancy was found at 9.56% down from the 12.09% recorded in 2020 (and 2019 result of 11.24%) yet well ahead of the 6.94% recorded on our first survey in 2017.
8 | PORTFOLIO | Ray White Commercial
To download the full Between the Lines on the Perth Retail Strip market visit our website: www.raywhitecommercial.com/research
FROM ALICE SPRINGS TO THE SUNSHINE COAST - INDIGENOUS MAN’S JOURNEY TO REAL ESTATE After being born and raised in the central Australian desert, Dwaine Bathern has come a long way to be working for Ray White Commercial Northern Corridor Group on the Sunshine Coast. A 24-year-old Indigenous man, Mr Bathern was born in Alice Springs where he lived with his family until he was eight years old. His family, part of the Arrernte people, then moved to Charters Towers in northern Queensland while his father worked in the mining industry. During his time attending Columba Catholic College in Charters Towers, Mr Bathern strove for excellence becoming both school captain and sports captain. While his grandparents worked on cattle stations, his father works in the mining industry, and his older sister works with an Aboriginal Women’s Council in Alice Springs, Mr Bathern chose to move to the Sunshine Coast to study Business Management at the University of the Sunshine Coast. During his studies, Mr Bathern also undertook a minor in property which sparked his interest in real estate. “Most of my mates from school moved to Birsbane but I was more drawn to the Sunshine Coast rather than Brisbane as it was an easier transition from a regional town,” Mr Bathern said. “When I started my first semester of uni with a minor in property it caught my eye and I started thinking about what a stable career would be, and I thought the most important thing people need is a roof over their head.” Mr Bathern said he saw a job advertised with Ray White Commercial Northern Corridor Group’s Mooloolaba office and applied for the job. While he didn’t get the job on his first try he kept checking in with the office to see if they had any positions open, and in the meantime worked in door-to-door sales.
Mr Bathern started working with Ray White Northern Corridor Group in December 2018 as a sales and leasing associate. Three years on, he still loves the job but still has a lot to learn. “I like the connectivity and customer service aspects and talking to the landlords and learning their stories and how they built their portfolios,” Mr Bathern said. “I also love speaking with tenants with first time businesses and helping them find the perfect location to set up their dreams. “In the future I’d like to start my own first investment whether it be residential or commercial. “I’d like to be working in the real estate game and start building my own property portfolio.” While his parents and sister have all moved back to Alice Springs, Mr Bathern said they were very supportive of his career. “Most of my family are in the mines or work for the government or the council, and some of my family live or work out on the land, so being a bit more of a ‘city slicker’ they’re really proud of me and everything I’ve achieved through school and in real estate,” he said. “It was a big investment from my parents and they’re very supportive -- I wouldn’t have been able to do it without them.” Mr Bathern said he hoped to encourage other Indigenous young people to consider a career in real estate. “Give it a crack,” he said. “It’s a great career and you learn so much.”
PORTFOLIO | Ray White Commercial | 9
PORTFOLIO | Ray White Commercial | 13
STAND ALONE INDUSTRIAL PROPERTY 14 Geelong Street, Fyshwick
EXPRESSIONS OF INTEREST Closing Thursday 2nd December 2021 • • • • • •
1,219 sqm block with future development opportunities 459 sqm building fully tenanted Suits investors, developers or owner occupiers 2 tenants with a staggered lease expiry Direct access to Canberra Avenue Large lockable asphalt yard
Frank Giorgi 0403 839 822 frank.giorgi@raywhite.com
raywhitecommercialcanberra.com.au
INVESTMENT IN CANBERRA'S MOST UNIQUE MIXED USE DEVELOPMENT Units 79-82 Kingsborough, 17 The Causeway, Kingston
EXPRESSIONS OF INTEREST Closing 3pm Wednesday 18th November 2021
• 5 + 5 year lease commencing 1 March 2020 to leading psychology practice. • 4 interconnected ground floor strata units totaling 576 sqm ranging in size from 55 sqm to 199 sqm providing ultimate flexibility for the future. Includes 8 basement carparks and 4 storage cages. Extremely broad zoning. • Constructed around a striking light well/atrium & features a high quality fit out. • Net income of circa $192,747 pa + GST with 4% annual increases.
Mark Thompson 0438 624 042 mark.thompson@raywhite.com
raywhitecommercialcanberra.com.au
SURRY HILLS MIXED USE FREEHOLD OPPORTUNITY 559 Crown Street, Surry Hills
AUCTION
16th November 2021 at 10.30am (AEDT) • • • • •
Ground floor lease to 'Blooms the Chemist' 12 residential units on Levels 1 & 2 Site area of 177 sqm Building area of 315 sqm* Potentially fulled lease income of $335,300*
Samuel Hadgelias 0403 254 675 shadgelias@raywhite.com Victor Sheu 0412 301 582
*Approx
raywhitecommercialnsw.com
SUBSTANTIAL MONA VALE ROAD LAND 40 Myoora Road, Terrey Hills
Boundary Indicative Only
AUCTION
Tuesday 16th November 2021 at 10:30am (AEDT) • • • • • •
Site Area 15,934 sqm* 60.3m* frontage to Mona Vale Road Exposure to 27,342* cars per day Zoned RU4 500m* to Terrey Hills shops Rare offering in this tightly held strip
• A multitude of potential uses
Jeff Moxham 0413 838 339 jmoxham@raywhite.com Samuel Hadgelias 0403 254 675 shadgelias@raywhite.com
*Approx
raywhitecommercialnsw.com
OUTSTANDING FREEHOLD INVESTMENT IN IDYLLIC BEACHES SUBURB 357 Sydney Road, Balgowlah
AUCTION
23 November 2021 • • • • •
Three storey mixed use retail, commercial and residential freehold building Building Area - 350sqm* Shop + Office + Large 1 Bedroom Unit + 2 Bedroom Unit/ Office Net Income on a fully leased basis- $153,944.32 per annum* Rear lane access with garaging for 3 cars + storage
Scott Stephens 0409 960 006 scott.stephens@raywhite.com Logan Grisaffe 0403 916 433 logan.grisaffe@raywhite.com
*Approx
raywhitecommercialnswsydneynorth.com
12 | PORTFOLIO | Ray White Commercial
INVESTMENT SALE 5/123 Redland Bay Road, Capalaba
EXPRESSIONS OF INTEREST Closing 18 November, 4pm • • • • • •
747m2* air-conditioned retail showroom 5 + 5 + 5 year lease to a nationally branded retailer, Forty Winks Current nett rent $181,072.80 PA Rear roller door access to warehouse Self-contained amenities Incredible exposure and signage
Nathan Moore 0413 879 428 nathan.moore@raywhite.com
*Approx
raywhitecommercialbayside.com
MEDICAL CENTRE INVESTMENT 2 & 16/120 Bloomfield Street, Cleveland
Outline Indicative Only
AUCTION
Level 26, 111 Eagle Street, Brisbane QLD 4000, Thursday 11 November at 12pm • • • • •
229m2* premises (2 x lots) 6 + 5 + 5 year lease $57,550 PA (estimated) nett rental 2 x exclusive secure basement carparks 6 month bank guarantee
Nathan Moore 0413 879 428 nathan.moore@raywhite.com
raywhitecommercialbayside.com
ONE OF A KIND RESTAURANT SPACE IN BRISBANE'S BAYSIDE 1/191 Stratton Terrace, Manly
Artist Impression
EXPRESSIONS OF INTEREST
Benn Woods 0408 689 651 benn.woods@raywhite.com
Closing Thursday 25 Nov, 4pm
This restaurant space is primed to become Manly's next fine food destination. Secure your own property to launch your next culinary venture.
• • • •
187sqm* strata titled premises 112sqm* of air-conditioned internal space 75sqm* of undercover alfresco dining area Unique chance to buy in tightly held Manly
raywhitecommercialbayside.com
ONE OF A KIND BAR SPACE IN BRISBANE'S BAYSIDE 2/191 Stratton Terrace, Manly
Artist Impression
EXPRESSIONS OF INTEREST
Benn Woods 0408 689 651 benn.woods@raywhite.com
Closing Thursday 25 Nov, 4pm
This boutique bar opportunity welcomes whisky, gin or cocktail bar proprietors to enter the Manly village mix, but could just as easily suit tapas, wine, or other fine food providores
• • • •
86sqm* strata titled premises 37sqm* of air-conditioned internal space 49sqm* of undercover alfresco dining area Unique chance to buy in tightly held Manly
raywhitecommercialbayside.com
2,344SQM EXCEPTIONAL INTERNATIONALLY RENOWNED TENANTED INVESTMENT 9 Trickett Street (Lots 27, 31, 32, 33 & 138 ), Surfers Paradise
EXPRESSIONS OF INTEREST
Expressions of Interest closing 12 noon 10th November 2021 • 2,344sqm approx. • Tenanted investment • 5 year lease commencing 15th December 2019 • Net income $420,065.76 approx. • 5 lots on separate titles
• • • • •
6 kitchens 11 car parks 5 meeting rooms Residential unit included Metres to the beach
Kelly Zeckovic 0418 790 201 kelly.zeckovic@raywhite.com
raywhiterobina.com.au
INNER CITY TOWNSVILLE RESIDENTIAL INVESTMENT 90-94 Primrose Street, Belgian Gardens
Outline Indicative Only
EXPRESSIONS OF INTEREST Closing Thur 11 Nov 2021 4pm
• 20 self-catering units • Returning $207,350* per annum, operating as a seniors accommodation facility • 1,821m2* site area zoned Low Density Residential
Tony Williams 0411 822 544 tony.williams@raywhite.com
• Two level brick construction • Located only 7* minutes north of the Townsville CBD, only 1* minute walk from the Townsville Foreshore
James Hanley 0408 999 755 james.hanley@raywhite.com
*Approx
raywhitespecialprojects.com
1.344HA* MIXED USE SITE CARSELDINE VILLAGE 520 Beams Road, Carseldine
Outline and Locations Indicative Only
REGISTRATIONS OF INTEREST Closing Tue 30 Nov 2021 5pm
• ‘Village Heart’ precinct within Carseldine Village master planned community which will comprise of over 600 dwellings • Comprising Lot V001 (12,260m2*) and Lot 9001 (1,185m2* Plaza)
Mark Creevey 0408 992 222 mark.creevey@raywhite.com
• Designated Mixed Use Centre under the Fitzgibbon PDA Development Scheme • Carseldine Village includes The Green sport and recreation precinct and under construction is the 150 bed RAC and freehold terrace homes
Tony Williams 0411 822 544 tony.williams@raywhite.com
*Approx
raywhitespecialprojects.com
2,024M2* INNER CITY TOWNSVILLE RESIDENTIAL INVESTMENT 43-45 Nelson Street, South Townsville
Outline Indicative Only
EXPRESSIONS OF INTEREST Closing Thur 11 Nov 2021 4pm
• 12 self-catering units • Returning $125,340* per annum, operating as a seniors accommodation facility • Located only 5 minutes east of the Townsville CBD, on the doorstep to the Townsville Port employment hub • Balance land component which allows multiple future development outcomes or an extension to the existing facility
Tony Williams 0411 822 544 tony.williams@raywhite.com Graeme Russell 0448 410 067 graeme.russell@raywhite.com
*Approx
raywhitespecialprojects.com
RETAIL COMES TO DIAMOND HARBOUR 141-143 Marine Drive, Diamond Harbour, Banks Peninsula
LEASE
By Negotiation + GST + outgoings + parking The wait is over, this new development is ready for tenants to move in. The Four Square Supermarket has recently opened in August & one shop is already under offer for lease. This untapped retail development is a major plus for this growing area. 4 shops available ranging from 102m2* to 110m2* plus a proposed café of 188m2* + 118m2* outdoor courtyard. Also available garage/warehouse space of 141m2*. Up to 6 onsite car parks allocated per shop plus good onsite customer car parking.
Paula Raine +64 27 221 4997 paula.raine@raywhite.com Steven Illenberger +64 27 277 5007 steven.illenberger@raywhite.com
www.rwcchristchurch.co.nz
Ray White Commercial Christchurch - Raine Blackadder Ltd - Licensed (REAA 2008)
OWN AND OCCUPY - IDEAL TRADIES WAREHOUSE UNIT Unit 7, 5 Stone Street, Kaiapoi, Canterbury
SALE
Letitia Stokes +64 27 485 8229 letitia.stokes@raywhite.com
Deadline Sale Closing 4pm Wednesday 10th November 2021 Modern industrial warehouse unit in the popular industrial area of Kaiapoi. Tidy warehouse 97.78m2*, showroom/amenities 37.88m2* & first floor office 31.06m2*. Total area 166.72m2*. Perfect for a tradie, the storage of your stock or to park up your favourite toys. Container height roller door with easy access. Excellent value for money, certainly worth your inspection. *Approx
www.rwcchristchurch.co.nz
Ray White Commercial Christchurch - Raine Blackadder Ltd - Licensed (REAA 2008)
"AS IS WHERE IS" LIVE/WORK UNIT 157 Waltham Road, Sydenham, Christchurch
SALE
Letitia Stokes +64 27 485 8229 letitia.stokes@raywhite.com
Deadline Sale Closing 4pm Wednesday 10th November 2021
Warm, sunny north facing unit well located in Sydenham. Close to the CBD being a short drive to Moorhouse Ave & main arterial routes. On its own freehold title so no Body Corp hassles. Ground floor 63m2* consists of office/low stud warehouse/garage. First floor 63m2* consists of office/apartment with a pleasant sunny balcony area. Total area 126m2*. 1 car park. *Approx
www.rwcchristchurch.co.nz
Ray White Commercial Christchurch - Raine Blackadder Ltd - Licensed (REAA 2008)
MIXED-USE CHARACTER BUILDING SELLS FOR $4.5 MILLION IN HEART OF SUBIACO The Subiaco resurgence has continued to take hold as a stunning, mixed-use, commercial building in the heart of the suburb sold for $4.5 million. The 1620sqm site, located at 290-300 Hay Street, includes a 1144sqm, recently renovated, character building and a 30 tandem parking spaces at the rear. The property has eight retail/office tenancies underpinned by Trilogy Advertising and Marketing as well as Accent Café, MultiCultural Language Centre and mental health educator Zero to Hero. The property was marketed by Ray White Commercial WA agents Brett Wilkins and Michael Milne. Mr Milne said the property was bought by a local investor, and attracted a lot of interest due to its main street frontage and future redevelopment potential. “The Subiaco property market is undergoing a significant resurgence with investors, commercial 10 | PORTFOLIO | Ray White Commercial
occupiers and mixed-use developers buying up properties,” Mr Milne said. “Astute buyers are attracted by Local and State Government planning and infrastructure combined with a general improvement in economic confidence. “The gazettal of City of Subiaco’s new Local Planning Scheme No.5 provides an improved planning framework that includes higher densities in select nodes. “The implementation of the State Government’s Subi East redevelopment Project, that involves significant higher-density renewal of land that previously housed Subiaco Oval through to the Princess Margaret Children’s Hospital, is set to include exciting mix of small and large scale of commercial, retail, hospitality and tourism development, combined with a versatile range of residential housing, an upgraded train station and the new Bob Hawke College.”
PORTFOLIO | Ray White Commercial | 11
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$
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INTRODUCING
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