Projects & Discussions | Inner City Development

[AndyGM]

So why hardly anything being built?

[acc521]

Because it's Perth.

[samboy]

I have a theory. People don't seem to be confident in the long term viability of Perth. It's a one trick pony and imo despite the rhetoric when it comes down to putting their money where their mouth is, perth just doesn't stack up. We're living in a bubble right now.

[acc521]

We live in a bubble?

Boy.

[samboy]

moops

[Sanj]

confidence is a big issue, it is pretty hard to sell off the plan now although things are definitely starting to pick up. that new affordable(ish) appartment project in east perth on i think wickham st sold 50% within a week or so of its launch last month.

the other problem is people are nervous about being able to get finance in 18 ,onths or so when the project settles

i do think though now that more and more people are waking up towards the yields in east perth (it started well ovr 6 months ago) you are going to see prices moving up and confidence returning. you guys really cant underestimate just how big an effect the hotel room situation has on this. a company only needs to use an apartment 1-2 days a week to justify renting it vs scrambling around to find a hotel room. my brother a few weeks ago qwas stuck with the tradewinds in freo as the only option and the closest one to the cbd and even that was i think $1200 for 2 nights. that shitty hotel on murray st next to moon and sixpence was $550 a night and is i think 3 star

on another note interest in property in certain areas certainly appears to be picking up, im seeing a lot more people at home opens and an agent i know listed a $1m property in mt hawthorn 3 days ago and wrote 2 offers today after over 10 groups attended the first home open on sunday i think. just reporting what im seeing and hearing here, not making any predictions etc

[ɴick]

It's definitely picking up. Particularly in the last 6-8 weeks. A few more listings and a lot more offers.

[Ktrain]

Originally Posted by samboy

moops

moors...

[ekul444]

Just noticed a few updates on the City of Perth site.

1. Forrest Place.

An update on the Forrest Place redevelopment project.

The City of Perth will commence stage 3B of the Forrest Place redevelopment on Monday 19 March 2012. On Tuesday night Council approved a tender for the next stage of the Forrest Place redevelopment. Northerly Construction won the $7.7 million contract for work at the southern end of Forrest Place that will be completed by the end of October. Officers from the City will meet with Northerly in the coming week and determine a staging works and the finer details. Once these details are available they will be distributed to stakeholders and posted on the website.

Stage 3B includes the:

installation of an interactive water feature designed by Jeppe Hein;
a new City of Perth information kiosk;
removal of the raised dining area and planters at the southern end of Forrest Place;
creation of a new alfresco area at ground level;
relocation of the orbicular granite floating ball; and
new granite paving to the central sunken area, along the colonnade of the GPO building and the Murray Street Mall area that intersects with Forrest Place.

Source

2. William St.

New taxi rank to ease CBD congestion

The Council of the City of Perth has approved the creation of extra taxi bays in William Street in the CBD.

Lord Mayor Lisa Scaffidi said extra taxi bays were needed urgently in the city and a new seven-taxi rank was proposed for the eastern side of Wellington Street between Murray Street Mall and Wellington Street.

“There has been a 65 per cent increase in the number of taxis in the past seven years and nowhere is demand higher than in the city,” Ms Scaffidi said.

“Creation of extra bays will help alleviate some of the problems people have in engaging a taxi and will also make it easier for taxi drivers to find a space to park their vehicles.

“There is a finite amount of kerbside space in the city, but recent roadworks in William Street have left us with some vacant space. The taxi rank will complement the enhancement works that are taking place in William Street.”

The Lord Mayor said the Council was keen to see the project begin but would have to wait until the tunnelling work between Raine Square and Perth Underground station was completed.

ProBuild, the builder of Raine Square, has confirmed work on the tunnel in William Street will be completed by 23 April 2012 and beneath the road by the end of May. The Council will work alongside ProBuild on the enhancement of William Street commencing on Monday 27 February and this work will be completed by the end of May, including the taxi rank, new footpaths, kerbing, street furniture and a new road surface. The road will reopen with two-way traffic flow at that time.

“We believe this is a great location for cabs given the proximity to two railway stations, Raine Square and the one40william complex,” Ms Scaffidi said.

“The new rank will also relieve pressure on the existing rank farther down William Street which is Perth’s busiest during the day.”

The City is currently working with the Department of Transport and taxi companies on a comprehensive taxi rank strategy which will be presented to the Council soon.

Source

[jackso]

A lot of the equipment and the sheds etc. have been removed from William St.

[acc521]

I can't believe they moved those sheds. Such an important part of our city's heritage gone.

[jackso]

Also San Churro should soon build the alfresco are in NB Piazza. They had to advertise for public submissions and all that bs but all is good so I think it will happen soon.

[Urbania]

The derelict motel thingy on the corner of Harold St and Stirling St Highgate (across the road from the St Mark's development) has finally been demolished...lots of demolition crews there today.

Thank god another eyesore has gone (to be replaced with a vacant block...)

[Scrawny]

That's mt lawley.

[Ari Gold]

Can they get rid of the drycleaners off Beaufort Street as well??

It looks as if its always been vandalised/ graffitied.

[Urbania]

Originally Posted by Scrawny

That's mt lawley.

lol...close enough!

[hack404]

orbicular granite floating ball

[Citystyle]

Originally Posted by AndyGM

So why hardly anything being built?

Very simple. High land costs have reduced the commercial viability of development, if real-estate prices where rising substantially you would have owner occupiers and investors feeding money into the market increasing the amount of construction and in turn driving up margins, at the moment we have high construction costs due to the mining sectors influence within our economy and somewhat flat prices, you need a decent sized piece of equity to get into the apartment market as a first time investor.

In the end you have an inferior produced, marketed at a luxury level and they struggle to sell to all but those who already have some money and are looking for some solid rental returns.

Lower construction costs and lower land prices would really benefit our apartment marker and bring in more owner occupiers. That day is a fair way away.

[AndyGM]

Can't they get some Irish immigrants/slaves to do the construction work cheap these days?

[Citystyle]

The Irish are cheap?