2nd April 2014.
Sirona Capital is heading to market to find the office and retail tenants for its multi-million dollar real estate redevelopments in Fremantle.
Nearly 21⁄2 years since launching one of the biggest private investments into the port city, the Perth-based private equity firm is hoping to secure tenants for 30,000sqm of office space and 12,000sqm of retail space around Fremantle’s Kings Square.
With development approvals in place for three of its key projects in Fremantle’s CBD — the former Myer building, the Queensgate building and carpark and the nearby Spicer site, Sirona said it was hoping to complete the projects in the next three years.
“We have all the applications approved, we are fully funded and now we need the tenant precommitments,” Sirona managing director Matthew McNeilly said. “We hope the project will be underwritten before the year is out.”
In the second stage, Sirona is to deliver a new civic building for Fremantle’s Kings Square and hopes to have those approvals by June.
As part of the State Government’s long-term plan to decentralise its Perth CBD offices to less expensive suburban locations, Fremantle has been earmarked as the new base for the Department of Housing.
Mr McNeilly said he was confident it would be a cost-effective office market.
Despite a bad decade for retail in the port city, he said the new supply of retail space would be successful if it retained a Fremantle feel.
“These projects will be the catalyst for range of other developments but cities don’t change overnight so we are in this for the long-term,” he said.
Sheffield Property has been appointed to market the office leasing.
On Thursday, Sirona got approval for its serviced apartment development on the corner of Packenham and Short streets, to be leased to Quest Serviced Apartments.