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Mixed use developments breathe new life into Perth suburbs

19-Oct-2017
mixed use development
A wave of mixed use development activity in Perth is transforming neighbourhoods and creating opportunities for buyers, tenants, investors and business owners to take advantage of high quality, affordable properties in premium locations across the metropolitan area.

According to Realmark, which is the lead agent for nine mixed used developments across Perth worth over $50 million, the sector is continuing to grow with the support of local councils and ratepayers whose appetite for village-style accommodation is breathing new life into the suburbs.

Realmark has been appointed to sell and lease several mixed use projects on behalf of developers including Frasers, JHF Holdings and Aztec Group.

Currently underway or recently completed, the projects are spread across Perth’s northern and southern suburbs and include developments at 46 Angove Street in Hillarys, 31 Green Road in Hillarys, 99 Flora Terrace in North Beach, 34 Marri Road in Duncraig and the Kingston apartments at Cockburn Central.

The developments feature a mix of apartment living and retail and commercial spaces suitable for gyms, pilates and yoga studios, health food stores, restaurants and fast food outlets, beauticians and day spas, fashion stores, and medical, physiotherapy and dental centres.

According to Executive Director of Realmark Commercial, Mike Rowe, Perth’s burgeoning health and wellness industry is helping to sell apartments in mixed used developments, with Realmark Commercial managing a number of tenancies in this space.

Mr Rowe said the retail and commercial premises in mixed used developments were attracting higher rents than offices in the Perth suburbs, with many achieving rentals of $400 per square metre net plus outgoings.

“Being in premium, high-density areas with access to major road networks and excellent local amenities, these premises are a very attractive proposition for business owners who are seeking to build their local market presence and clientele,” Mr Rowe said.

Mr Rowe added that Realmark’s strong commercial and residential experience was a drawcard for property developers seeking to sell and lease mixed used developments as it alleviated the need to appoint separate commercial and residential agents.

“Typically, most developers will appoint one commercial agent and another agent who specialises in residential sales and leasing. Some developers will appoint one agent for both, however most operate from a Perth office rather than in the suburbs where the activity is based, Mr Rowe said.

"Realmark’s commercial agents specialise in the Perth suburbs and our residential offices are located across the metro area, which means our combined team is able to offer a deep understanding of each local market – as well as access to an extensive database of buyers, tenants, investors, business owners and other local contacts.”

Realmark Commercial Sales and Leasing Consultant, Andrew Riley, said many suburban mixed used developments offered outstanding value and incentives for investors and business owners.

“Outgoings for mixed used developments in the suburbs are often lower than prime retail strip locations, yet they still benefit from having access to medium to high traffic,” Mr Riley said.

“This makes them a popular choice for property investors who depend on steady rental income, and business owners who are seeking more affordable rentals than those on offer for inner city retail premises, which are attracting higher rentals than offices in the current market.”
mixed use development