Raine Square Was going to be redeveloped several years back with 6 buildings ranging from 2-19 levels surrounding the square, but the square was sold so that never went ahead, so heres another proposal. not sure what to think about this one, i will have to wait and see.
interesting to here about the rail, though i hope the current plan goes ahead as it will have direct access to the mall and the street crn will see some major cosmetic surgery
-----
RAINE Square has been sold for $30 million to a group of Perth businessmen who plan to turn it into an inner-city food market and six-star hotel
But the four new owners also have the prospect of making a quick profit on their investment should the State Government's plans for the William Street train station collapse, forcing it to instead house the project in Raine Square.
Relocation of the station project to Raine Square would end the growing possibility of a stand-off between the Government and property magnate Maurice Alter, who owns most of the William Street sites that need to be acquired for the station to proceed.
Property consultants are understood to have identified considerable cost savings associated with locating the station at Raine Square.
The consortium comprises Peter Errichetti, Ralph O'Brien, Craig Hughes and Neil McKinnon.
Its plans for the 1.51ha site are due to be put before Perth City Council within a month.
The market proposal is based on shops selling upmarket, ready-to-go meals for professional workers as well as those using the new train station.
The second stage of the project could see a six-star hotel built to accommodate an influx of visitors who are expected to visit the convention and exhibition centre.
But industry analysts believe the Government could make considerable savings by purchasing Raine Square as the site for the train station.
Mr McKinnon said the group had exercised on option to buy the property for about $30 million from Maurice and Christopher Brockwell. The option was granted late last year.
He said the group planned to put the property into an unlisted property trust and then publish a prospectus to raise funds for the redevelopment of the run-down retail asset.
The group has already had discussions with an international hotel operator regarding the site's suitability for a new development.
The consortium has already acquired additional properties on Murray and Queen streets in the city, which will allow any redevelopment to extend beyond the existing parameters of Raine Square.
It believes this would be a perfect location next to the Perth railway station, the proposed south-west station on William Street, the bus station and what will be a major cultural precinct after the sinking of the railway line between the city and Northbridge, Mr McKinnon said.
The site was allowed to run down by the previous owners because they planned to redevelop the area.
Mr McKinnon said this would rejuvenate the area and give Perth a market akin to the Victoria Markets in Melbourne.
The consortium believes that once the south-west rail station is completed, the amount of pedestrian traffic moving through the area will increase considerably.
If the numbers the Government has projected for the south-west rail line between Perth and Mandurah are achieved thousands of new shoppers and commuters will move through the vicinity of Raine Square every day.
The council is supportive of a market because it is sympathetic to the Perth City Council's strategy to increase activity in the city outside traditional business hours.
The first stage of the rejuvenation of the site will simply see a number of new small retailers go into the development. The proposal won't need a formal development approval as it will not see any major structural changes to the buildings on the property.
Mr McKinnon said the consortium was realistic about the future of the site and the door had not been shut in regards to selling the site to the Government to house the new south west rail station.
The State Government is locked in negotiations with Mr Alter, the main landowner for a block of William Street properties required to construct the new city rail station.
Mr Alter has indicated he is seeking $40 million for his properties.
If a sensible bid was made for the site Mr McKinnon said the group would certainly consider it.
The figure the development consortium is looking for is understood to be close to the Government's $38 million figure budgeted to fund the acquisition of properties for the station.
www.thewest.com.au
interesting to here about the rail, though i hope the current plan goes ahead as it will have direct access to the mall and the street crn will see some major cosmetic surgery
-----
RAINE Square has been sold for $30 million to a group of Perth businessmen who plan to turn it into an inner-city food market and six-star hotel
But the four new owners also have the prospect of making a quick profit on their investment should the State Government's plans for the William Street train station collapse, forcing it to instead house the project in Raine Square.
Relocation of the station project to Raine Square would end the growing possibility of a stand-off between the Government and property magnate Maurice Alter, who owns most of the William Street sites that need to be acquired for the station to proceed.
Property consultants are understood to have identified considerable cost savings associated with locating the station at Raine Square.
The consortium comprises Peter Errichetti, Ralph O'Brien, Craig Hughes and Neil McKinnon.
Its plans for the 1.51ha site are due to be put before Perth City Council within a month.
The market proposal is based on shops selling upmarket, ready-to-go meals for professional workers as well as those using the new train station.
The second stage of the project could see a six-star hotel built to accommodate an influx of visitors who are expected to visit the convention and exhibition centre.
But industry analysts believe the Government could make considerable savings by purchasing Raine Square as the site for the train station.
Mr McKinnon said the group had exercised on option to buy the property for about $30 million from Maurice and Christopher Brockwell. The option was granted late last year.
He said the group planned to put the property into an unlisted property trust and then publish a prospectus to raise funds for the redevelopment of the run-down retail asset.
The group has already had discussions with an international hotel operator regarding the site's suitability for a new development.
The consortium has already acquired additional properties on Murray and Queen streets in the city, which will allow any redevelopment to extend beyond the existing parameters of Raine Square.
It believes this would be a perfect location next to the Perth railway station, the proposed south-west station on William Street, the bus station and what will be a major cultural precinct after the sinking of the railway line between the city and Northbridge, Mr McKinnon said.
The site was allowed to run down by the previous owners because they planned to redevelop the area.
Mr McKinnon said this would rejuvenate the area and give Perth a market akin to the Victoria Markets in Melbourne.
The consortium believes that once the south-west rail station is completed, the amount of pedestrian traffic moving through the area will increase considerably.
If the numbers the Government has projected for the south-west rail line between Perth and Mandurah are achieved thousands of new shoppers and commuters will move through the vicinity of Raine Square every day.
The council is supportive of a market because it is sympathetic to the Perth City Council's strategy to increase activity in the city outside traditional business hours.
The first stage of the rejuvenation of the site will simply see a number of new small retailers go into the development. The proposal won't need a formal development approval as it will not see any major structural changes to the buildings on the property.
Mr McKinnon said the consortium was realistic about the future of the site and the door had not been shut in regards to selling the site to the Government to house the new south west rail station.
The State Government is locked in negotiations with Mr Alter, the main landowner for a block of William Street properties required to construct the new city rail station.
Mr Alter has indicated he is seeking $40 million for his properties.
If a sensible bid was made for the site Mr McKinnon said the group would certainly consider it.
The figure the development consortium is looking for is understood to be close to the Government's $38 million figure budgeted to fund the acquisition of properties for the station.
www.thewest.com.au