WA land release to support Perth hotel industry
News of a new state government land release in WA could boost commercial property growth in Perth - ...
News of a new state government land release in WA could boost commercial property growth in Perth - particularly when it comes to hotels.
Perth lord mayor Lisa Scaffidi welcomed state government plans to release land for new hotel development, which she explained could create a number of benefits for a "rapidly-growing city".
While most commercial property developments in Perth currently focus on the city's CBD and west end, the latest land release development will provide valuable support for the city's east - and help to address the WA capital's "shortage" of hotel accommodation.
Scaffidi said: "The decision should ... reinvigorate the leisure tourism market in Perth, given that this market has been out-priced by the business sector's buy-up of hotel rooms in recent years."
She also asserted that the latest land release could create new commercial property investment opportunities for developers in the WA capital.
"The City of Perth strongly encourages investors and developers to stake their claim in our dynamic and evolving city," she said.
News of the land release follows on from a recent announcement to make Perth City properties more affordable to local tenants.
Earlier this month, Scaffidi announced the Key City Worker Development, which will provide affordable rental properties to key individuals working in the centre of Perth.
Tenants who are approved under the new scheme may be eligible to live in one of the project's rental units, paying 80 per cent of market rate.