Midland's commercial land development booming

29/8/07
The Midland Redevelopment Authority's latest commercial land sale shows that business confidence in Midland's future is booming.
Planning and Infrastructure Minister Alannah MacTiernan said the 1.73ha site, next to Harvey Norman in Clayton Street, recently fetched a record price.
Leading Western Australian property developer Primewest Management Ltd paid $10.19million for the site.
The sale price of $590 per square metre was more than double the price fetched in October 2004 for the nearby 4.27ha Midland Central site.
"The resulting bid was well above expectations and reflects the success of the large format shopping precinct at the Lloyd Street and Clayton Street intersection," Ms MacTiernan said.
"It is also further proof that the Government's agency, the Midland Redevelopment Authority, has developed highly successful initiatives to enable a viable investment market for private developers.
"Businesses and developers have realised that Midland is a major metropolitan commercial centre with enormous potential for further growth.
"Customers come from a large catchment area, including the rural hinterland, favouring the mix of national and local outlets as a one-stop shopping trip for their household needs.
"Potential uses for the site include large format retail shops, showrooms and wholesale outlets.
"When fully developed, there will be a total of 50,000sqm of large format retail space in the Clayton Street area, which has easy access, ample parking and all stores within walking distance."
Housing and Works Minister and Midland MLA Michelle Roberts said that the overwhelming success of the land sale confirmed a recent report that the Midland redevelopment project would inject more than $1.2billion into the local economy over the next 20 years. More than 7,500 jobs would also be created.
"An independent study found that long-term jobs generated from the project's commercial and retail developments will total 3,267, including those at the WA Police Complex," Mrs Roberts said.
"It also forecasts that the redevelopment will lift the profile of Midland and the City of Swan as residential land values increase and development promotes market acceptance for more diverse housing.
"The expenditure and job creation figures are fantastic and support the State Government's confidence in the economic future of the Midland and Greater Midland region."
Economic and business analysts MacroPlan Australia undertook the independent study.
Minister's office - 9213 6400