PCA Retail Property Breakfast
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PCA Retail Property Breakfast

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Retail Centres to Activity Centres

Retail Centres to Activity Centres

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  • Best tenants depends on level in hierarchy Strategic metro - State, Commonwealth Govt agencies - Major offices - professional & business services - Analyse existing agglomerations and target gaps Secondary - Major offices - professional & business services - Population - driven non-centre activities (health, education) District - Smaller offices and local household business services
  • Gross hectares excludes big roads and POS from MRS Experiences differ greatly between centres depending on the existing performance against the criteria – diversity, intensity, accessibility, employment dwellings Some centres are more mature

PCA Retail Property Breakfast Presentation Transcript

  • 1. Retail Centres to Activity Centres
  • 2. Policies
  • 3. Activity Centres Policy
    • Centre Context
    • Movement
    • Activity
    • Urban Form
    • Resource Conservation
    • Implementation
  • 4. Activity Centres Policy
    • Centres are means to achieve Directions 2031
    • Diverse activity – not just retail
    • Centre boundaries
    • Residential targets
    • Centre owners can prepare their own structure plan
  • 5. Developer response
    • Short term – uncertainty and need to adjust to new rules (RSA guidelines, Structure Plan guidelines)
    • Medium term – expand retail towards national averages (1.4 sqm to 1.9 sqm per capita)
    • Long term – transition of some pure retail business models to hybrid activity centre models
  • 6. Are Perth centres unique?
    • Mostly single level
    • Some two - level centres don’t work (Karrinyup & Morley parking)
    • Single level centres common because land has been cheaper than development capital
    • High retail content
    • Low residential density
    • Poor public transport
  • 7. Adapting to ‘Activity Centre’
  • 8. Diversity Performance Targets Hierarchy Shop Retail Component Other floorspace (% total) Perth Capital City NA NA Strategic Metro, Secondary, District > 100,000 sqm 50% > 50,000 sqm 40% > 20,000 sqm 30% > 10,000 sqm 20% < 10,000 sqm NA Neighbourhood NA NA
  • 9. Floorspace Ready-Reckoner Full copy available on www.pracsys.com.au Shop Retail sqm Other sqm Total sqm 20,000 8,571 28,571 30,000 12,857 42,857 40,000 17,143 57,132 50,000 33,333 83,333 60,000 40,000 100,000
  • 10. Dwellings Hierarchy Dwellings per gross ha Dwellings Perth Capital City NA NA Strategic Metro 30 to 45 800m radius – 6,000 to 9,000 Secondary 25 to 35 400m radius – 1,300 to 1,800 District 20 to 30 400m radius – 1,000 to 1,500 Neighbourhood 15 to 25 200m radius – 200 to 300
  • 11. Employment
    • Directions 2031- employment/population balance
    • Activity centres carry most of the employment burden (depending on level in hierarchy)
    • Most Strategic and Secondary centres need to double employment
    • Employment growth focused in non-retail activity
  • 12. First steps
    • Analyse centre performance now (diversity, intensity, accessibility, employment, dwellings)
    • Define future centre performance and identify gaps
    • Talk to your local government now about centre planning process
    • www.pracsys.com.au