Lakeside Joondalup Shopping City became the largest shopping centre in Western Australia in 2014
$300M Retail Investment
Joondalup is recognised by the Western Australian State Government as the main Strategic Metropolitan Centre in northern Perth and a major driver of economic growth. As reported by National Institute of Economic and Industry Research (NIEIR) the Joondalup economy grew by 43.5% over the 10 years from 2004 to 2014.
The City of Joondalup Economic Development Strategy recognises the particular value and opportunities of the Visitor Economy and Retail Trade. One of the key strategic themes is that of Joondalup as a ‘Destination City’.
Located within 15 minutes of the Perth CBD, within 25 minutes of the Perth airport and 45 minutes from the Port of Fremantle, the City of Joondalup Local Government Area is easily accessible and connected by a frequent direct train service and the Mitchell Freeway. It has been estimated that over 40% of metropolitan Perth’s population can be reached within just a 30 minute drive time of Joondalup.
In 2014/15 almost 11,000 people were employed in the City’s thriving Retail Trade sector which contributed $1,091m in total sales with a value add of $674m to the economy.
Population growth for the North West sub-region of Perth is predicted to increase from 322,486 people in 2011 to over 740,300 by 2050. The increase of over 418,000 people represents a significant opportunity for businesses and investors to service the growing population.
Lakeside Joondalup Shopping City is a key asset within the City’s retail sector. Following a $300 million investment covering expansion and redevelopment works a number of major milestones were achieved:
It is now the largest shopping centre in Western Australia
It includes approximately 99,000m2 of gross lettable area and features over 300 retailers, including several iconic Australian and international iconic fashion brands
It boasts a two-level 12,000 square metre new Myer store – the first in Western Australia for 20 years, which now includes European retail favourites such as Topshop and Topman
The first Western Australian H&M store opened at Lakeside Joondalup
It is home to one of the State’s first Aldi supermarket stores
There is a new multi-deck car park, resulting in just under 5,000 car spaces in total
A new level of dining with the Centre’s casual dining precinct featuring a selection of taverns and restaurants
A complete modernisation of Station Square to include a lively alfresco dining precinct with national franchises such as Coco Cubano and Max Brenner Chocolate Bar
The generation of 900 additional retail employment opportunities (estimated)
Building on their success Lakeside Joondalup Shopping City secured an award for best Marketing Community Activity at the 2015 WA Shopping Centre of the Year Awards organised by the Property Council of Australia WA.
Not only does Lakeside Joondalup Shopping City service Perth’s rapidly growing Northern Growth Corridor but it is also a key tourism hotspot for visitors to the region. It also remains the only shopping centre in Perth with direct access to a train line.
There are a number of additional retail hotspots within the City of Joondalup which have attracted significant interest from investors and are a drawcard for visitors and the broader community. These include but are not limited to:
Westfield Whitford City is Perth’s third largest shopping centre and is located in the premier coastal suburb of Hillarys within the City of Joondalup. City councillors recently voted unanimously on an expansion plan and a Whitford Activity Centre Structure Plan has been submitted to the Western Australian Planning Commission for adoption. The plan proposes a maximum retail floor space of 77,500m2 and will result in tremendous commercial investment opportunities for the Scentre Group-owned shopping centre, which currently features around 305 retailers.
Currambine Central has also piqued investors’ interest with its recent sale to Federation Centres for $74 million. The 12,600m2 convenience centre is undergoing a $20 million expansion, which will include a new fresh food market, six new speciality retailers and an expansion of the existing Grand Cinemas tenancy.
Joondalup Square – Significant confidence in this retail precinct has continued in 2016 with a record sales yield of 5.5 per cent for a Bunnings Warehouse which is located in the Square. As reported by Business News Western Australia in March 2016 there was fierce competition among prospective buyers, with a total of 14 offers to purchase being received by CBRE and the commercial agency brokering a $43.5 million sale to an unnamed private investor. It was reported that Bunnings will enter a new 12-year lease for the property, paying an initial annual rental of $2.39 million.
Additional positive impacts are expected for the retail sector due to anticipated higher residential density around the City’s key activity centres and a significant projected increase in worker numbers in the Joondalup Activity Centre.
A Draft Joondalup Activity Centre Structure Plan is currently being prepared. This Structure Plan will set a long-term framework for the future land uses such as retail, business, education, health and civic uses, and for the estimated 45,000 workers that the activity centre will accommodate by around 2050
Furthermore, in January 2016 the Western Australian State Government approved an amendment to District Planning Scheme No. 2, which clears the way for the City of Joondalup Local Housing Strategy to be implemented. The Scheme Amendment implements a number of recommendations of the Local Housing Strategy by:
Increasing the density code applicable to the City’s activity centres;
Rezoning a small number of properties adjacent to large shopping centres to ‘Mixed Use’;
Introducing dual density codes in Housing Opportunity Areas, as established in the Local Housing Strategy, providing opportunities to develop at higher residential densities;
Introducing minimum residential densities for development on large opportunity sites; and
Introducing a development bonus to encourage the amalgamation of lots for the development of Aged and Dependent Persons’ dwellings, retirement villages and nursing homes.
In addition to the potential benefits resulting from strategic planning, local retail operators are encouraged to draw on the expertise of education providers located within the Joondalup Learning Precinct. North Metropolitan TAFE (WCI) deliver a formal certification in retail management and Edith Cowan University (ECU) has one of the largest and most dynamic Business Schools in Western Australia, offering undergraduate, postgraduate and research business degrees across a wide range of areas.