PLACEnews April 2010 Issue 6
William Street traders will help to shape Perth Cultural Centre revitalisation
Late last year EPRA embarked on an $11 million revitalisation of the Perth Cultural Centre (PCC) to create a lively public space that Western Australian's will be proud of. The PCC houses WA’s major cultural institutions and is one of the largest and most strategically located public landholdings and cultural assets in Australia.
Part of this place making program involves investing $6 million into restoring and renovating 11 State owned buildings in the William Street heritage precinct. William Street is significant to the overall regeneration of Perth as it connects the Swan River foreshore, through the City centre and Northbridge entertainment precinct to the fringe city suburbs.
EPRA identified the importance of leveraging the financial benefits of these strategic properties to realise the revitalisation outcomes for the PCC. Revenue will be reinvested to finance infrastructure works and ongoing events programs in the PCC. For this reason the renovations and strategic leasing program for William Street was the first stage in the overall program now coming to fruition.
EPRA engaged retail property specialists Metier to help develop a targeted leasing strategy that would respond to the place making vision for the project and complement the character of the street, its existing uses and identity in the community.
A strategic leasing program that targeted commercial and creative businesses with a local, independent focus was put in place and the first 11 tenants were recently announced.
The depth and quality of the offerings received confirms that this approach is working. The mix of tenants that have come forward will stamp William Street as a leading retail and food and beverage precinct while still retaining its character and charm. This will increase visitation and add vibrancy to the precinct including the PCC.
New businesses offering an alternative shopping and dining experience to those in the CBD include a bookshop, independent retailers, leading food and beverage operators and a gallery.
According to new tenant Johann Kim, owner of local boutique retailer Pigeonhole, William Street will become a marker for the most interesting West Australian shopping, dining and cafes which is why it is an ideal location for his growing business.
The remaining leases will be finalised next month, followed by a mid year call for Expressions of Interests for the revitalisation of the historic Rechabites Hall as a multi-concept venue.
The Perth Cultural Centre and William Street revitalisation are part of a wider inner city regeneration program being led by EPRA which is adding capacity and vibrancy to Perth city. For more information visit www.epra.wa.gov.au.
Photo courtesy of The West Australian
