Perth, 10 February 2015 – Rapid growth in Perth’s south-east corridor has sparked construction of Forrestdale’s first major large format retail complex.
The Forrestdale Commercial Centre will comprise circa 5,500sqm of space, in close proximity to the area’s Bunnings and Masters Hardware stores.
CBRE has been appointed as the exclusive leasing agent for the project, which is due for completion in Q4, 2015.
Richard Cash, CBRE Director of Large Format Retail, said a number of tenancies were already under negotiation, with the project on the radar of a range of showroom users in the furniture, bedding, electrical, automotive and leisure sectors.
“National retailers have been eyeing the Forrestdale/Armadale catchment for some time as a result of the area’s rapid population growth,” Mr Cash said.
“Figures from Deep End Services show the population has grown at a high average rate of 5.2% per annum between 2010 and 2014 – well above the Perth average – with further rapid growth expected over the next 12 years.”
According to the Deep End Services report, Forrestdale’s catchment is forecast to grow to 217,484 people by 2026 – equivalent to a city the size of Bunbury being added to the catchment during the period.
Mr Cash said the Forrestdale Commercial Centre was well positioned to capitalise on this growth given the site’s very prominent location, offering excellent exposure to busy Armadale Road and sight lines to the Tonkin Highway.
CBRE’s Alex Gismondi added that the Forrestdale Commercial Centre had the advantage of being first the first large format retail centre out of the ground, giving retailers opportunity to be trading prior to Christmas 2015.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
