Project name: Water Corporation Mixed Use Development Market Assessment
Client: OTAN Property Funds Management
Location: City of Vincent, Perth (WA)
Brief: The report provides an assessment of the Perth apartment, commercial and short-stay accommodation markets in relation to the Water Corporation site in Leederville which has potential for 270 apartments, 50,000 sqm of office/retail and short stay accommodation.
OTAN Property Funds Management commissioned MacroPlan to provide specialist advice in the identification and selection of successful tenancy mix for the development and including advice in regards to tenant sizing, configuration and timing.
Methodology: MacroPlan has an intimate knowledge of the City of Vincent where the site is located, having previously been engaged in a number of capacities including economic advice, planning, strategic vision, council negotiations and desktop analysis / research on land use opportunities. MacroPlan drew on its extensive knowledge to analyse the key drivers of potential retail business in the Water Corporation site in Leederville, including workers, immediate residents, the wider resident market and visitors.
The population and retail expenditure growth of these drivers were assessed based on information from developers, the ABS census, our internal apartment database (which tracks 100 specific facts and figures for every apartment development – land purchase cost, internal floor space by number of bedrooms, balcony size, price points, sales rates, etc.), and other sources.
The range of existing and proposed competitive retail facilities was then reviewed to identify any potential gaps in the Leederville retail offer. An assessment of future retail trends was also taken into account.
MacroPlan delivered a thorough analysis of retail and entertainment options best suited for the project’s location, demographic profile and long-term sustainability.
Result: MacroPlan’s detailed analysis and forecasting determined the amount of supportable floorspace for Water Corporation Mixed Use Development and gave advice on the ideal category mix of the supportable floorspace, appropriate tenants to include and validated the entire planning framework that would affect development.
Services: Market assessment and validation of planning framework.