Fremantle closes in on $1 billion of new developmentProving it’s not just the local AFL footy team boosting the port city’s fortunes, the City of Fremantle has compiled figures that show the current pipeline of public and private investment in Fremantle is edging towards $1 billion.
The unprecedented surge in investment in Fremantle follows amendments to the local town planning scheme that allow for greater density within key strategic locations in the Fremantle CBD.
Fremantle Mayor Dr Brad Pettitt said that in recent years there had been more development applications, application approvals and building approvals in Fremantle than in any equivalent period since the 1987 America’s Cup.
“It’s pleasing that we’re now starting to see the results of a lot of hard work and some very tough decisions being made over the past few years.”
With the array of developments currently in the pipeline – including the flagship Kings Square Project – over 22,000 sqm of A-grade office space and more than 11,500 sqm of retail space are expected to be built within the next five years alone.
This is in addition to a mix of other uses including residential, hotel and short-term accommodation, entertainment, and civic spaces.
“It all revolves around bringing more people back into the heart of our city to live, work, shop and to be entertained,” Dr Pettitt said.
“This has been at the core of all of our planning, but attracting the sort of sustainable development needed to meet our targets has required equal measures of innovation and resolve by the council and City officers. The City set about addressing the low levels of investor interest in Fremantle via its award winning economic development strategy, which was finalised in 2011.
“The strategy outlined ambitious but achievable targets for the development of new residential dwellings, commercial office; and retail floor space within the CBD.
“There’s still a lot of work in front of us, but we now have the level of interest from investors that we require and plenty of projects under construction. I’m more confident than ever that Fremantle is on the cusp of a generational change which will produce the sort of high-quality sustainable infrastructure that our community needs and deserves.”