PCA Retail Property Breakfast

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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

    1. 1. Retail Centres to Activity Centres
    2. 2. Policies
    3. 3. Activity Centres Policy <ul><li>Centre Context </li></ul><ul><li>Movement </li></ul><ul><li>Activity </li></ul><ul><li>Urban Form </li></ul><ul><li>Resource Conservation </li></ul><ul><li>Implementation </li></ul>
    4. 4. Activity Centres Policy <ul><li>Centres are means to achieve Directions 2031 </li></ul><ul><li>Diverse activity – not just retail </li></ul><ul><li>Centre boundaries </li></ul><ul><li>Residential targets </li></ul><ul><li>Centre owners can prepare their own structure plan </li></ul>
    5. 5. Developer response <ul><li>Short term – uncertainty and need to adjust to new rules (RSA guidelines, Structure Plan guidelines) </li></ul><ul><li>Medium term – expand retail towards national averages (1.4 sqm to 1.9 sqm per capita) </li></ul><ul><li>Long term – transition of some pure retail business models to hybrid activity centre models </li></ul>
    6. 6. Are Perth centres unique? <ul><li>Mostly single level </li></ul><ul><li>Some two - level centres don’t work (Karrinyup & Morley parking) </li></ul><ul><li>Single level centres common because land has been cheaper than development capital </li></ul><ul><li>High retail content </li></ul><ul><li>Low residential density </li></ul><ul><li>Poor public transport </li></ul>
    7. 7. Adapting to ‘Activity Centre’
    8. 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. 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. 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. 11. Employment <ul><li>Directions 2031- employment/population balance </li></ul><ul><li>Activity centres carry most of the employment burden (depending on level in hierarchy) </li></ul><ul><li>Most Strategic and Secondary centres need to double employment </li></ul><ul><li>Employment growth focused in non-retail activity </li></ul>
    12. 12. First steps <ul><li>Analyse centre performance now (diversity, intensity, accessibility, employment, dwellings) </li></ul><ul><li>Define future centre performance and identify gaps </li></ul><ul><li>Talk to your local government now about centre planning process </li></ul><ul><li>www.pracsys.com.au </li></ul>
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