Restoration repositions historic city laneway in CBD property market.
Renovation work is nearing completion at London Court with the finishing touches being put on a $3 million makeover at this city landmark where property agents are now looking to fill retail and office vacancies.
The renovation has been managed by Colliers International Associate Director Project Management Michael Le Grange who said the restoration of building facades, structural repairs and new electrical wiring had been carried out during the three-year renovation.
“London Court is one of the city’s most important tourist sites, with visitors keen to enjoy its decorative Tudor styling while shopping at a range of specialist retail outlets,” Mr Le Grange said.
“As one of the main thoroughfares between Hay Street and St George’s Terrace, foot traffic will only increase as locals and tourist use the arcade to access the waterfront at Elizabeth Quay.”
London Court’s significance to the streetscape of Perth and as an important tourist attraction was recognised in 1996 with its inclusion on the State Register of Heritage Places. The clocks that bookend its entrances, with their animated figures marking the changing of the hour, have attracted tourists and families since the arcade opened in 1937.
The renovation of this significant heritage building has been overseen by heritage architect Christopher Paterson who specialises in the conservation of historic buildings and places.
The latest project is part of a longer-term restoration program for London Court. When work finishes in seven years, $10 to $12 million will have been spent on upgrades.
Urgent conservation works have been supported by the Heritage Council’s Heritage Grant Program, which has provided $308,000 in funding to date.
Colliers International Executive Retail Leasing Chris Bartlett said the restoration would ensure London Court remained competitive in the CBD and negotiations were underway with prospective tenants to fill several retail vacancies.
“It has 35 shops along the pedestrian laneway and a total of around 100 commercial tenancies,” Mr Bartlett said.
“Short-term office tenancies on the first, second and third floors are being converted into long-term leases, mostly for satellite offices of businesses that are based in the suburbs.
“Over the years, London Court’s residential apartments were converted into offices so each premise also has its own amenities.”
Mr Bartlett said there were also plans for a speculative office fitout that would showcase a London Court address to businesses looking for new office space.