Capital for port revival

The Sunday Times

28th July 2013.

Sirona Capital has thrown its weight behind the future of embattled Fremantle by committing to two new developments as its bid to lease out the old Myer building in the port city starts to take shape.

The capital investment company behind the much anticipated Kings Square project in Fremantle's CBD, which takes in the Myer site, is financially supporting a 150-room hotel play by Luke Saraceni's West Bridge Property Group.

It is the second time Sirona has worked with Mr Saraceni in Fremantle after it bought the old Myer building from him in 2011.

Sirona managing director Matthew McNeilly revealed the company would fund Westbridge Property Group's plans to develop a hotel in Fremantle's West End.

The development application for the 150-bed hotel on the corner of Pakenham and Short streets is with City of Fremantle planning officers.

He also revealed Sirona was "very close" to finalising a deal on an apartment project in Fremantle's CBD.

"I'm backing that Kings Square will happen and I think that will change a lot about Fremantle," he said. "I think it'll change the desire of people wanting to live down there."

While Sirona continues to search for a suitable tenant for its office and retail space in the Kings Square development, it has leased the basement, ground and rooftop floors of the old Myer building to Spacemarket.

Spacemarket has helped fill a host of vacant places in Perth and plans to use the building's rooftop for regular events throughout the year, attracting a variety of demographics to Fremantle.

The ground floor will be divided into 30 spaces and rented to a variety of retailers set to move in by October.

The subsidised rent will range from $600 to $1200 a month in a bid to attract small businesses in the early stages of development.

The company has anchor tenants of Feast Your Eyes, Uncle Joe's Barber/Cafe and A Good Looking Man.

"Our intention is to create a rich environment to explore new modes of retail," the EOI document said.

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