Subdued retail conditions in WA have resulted in more than $2.5 billion of shopping centre expansions to be deferred or have no timetable for development.
The $110 million redevelopment of Forrest Chase is set to proceed unhindered after the Supreme Court granted an injunction against the owners of a neighbouring cafe, who had blocked work by head contractor Lendlease by staying open all night.
Notching up 15 years in business, and managing more than $1.1 billion in combined retail rents for clients over that time, is a significant achievement in any industry.
The traditionally dominant players in Australian retail are being forced to reinvent themselves in the face of increased competition – from each other, and a host of international raiders.
Retail and office landlords are building on the City of Perth's initiative to focus on Forrest Place, which is emerging as the next precinct of the CBD to undergo a significant transformation.
Work will start on a game-changing redevelopment of Forrest Chase in coming months, with fund manager ISPT expected to receive planning approval for a major revamp of the CBD mall later this week.
