Property
Issue No. 34 - April/May 2007
Port Adelaide heart beats faster
Like a long-awaited holiday, we’ve been hearing about what’s going to happen for months.
We've heard about bridges to Outer Harbour - rail and road - being built to increase freight capacity to and remove freight trains and heavy road transport from passenger transport links and roads in the city centre.
The touted Air Warfare Destroyer project at Osborne Maritime Precinct - a large infrastructure project to prepare for shipbuilding - a supplier precinct and maritime training facility hold long-term promise.
But all these things have taken a giant first step towards reality with exceptional sales in the Newport Quays residential project giving positive proof that the Port's ship is well and truly coming in.
Welcome flags in the harbour town's centre proclaim The Port Is Happening, but it's the construction activity, leased signs on the shop front windows and extra visitors wandering around the main streets and waterfront promenade that really support the tag line.
The Port Centre Coordination Group (PCCG) demonstrates changing times for the town centre. The PCCG is a joint initiative funded by the Newport Quays Consortium and Local and State Governments to revitalise the town centre and inject life back into The Port.
It sounds like a major task, but the figures after just 18 months show the PCCG is kicking goals.
Retail vacancy rates have dropped from 13.5% to less than 9.3%, 19 new retail businesses have moved into the town centre, 15 rundown or vacant commercial properties have been refurbished and visitor numbers and enquiries have increased by almost 16% in the last financial year (35,438 in 2005-2006).
What the figures don't capture is the number of commercial enquiries from investors and business owners about waterfront opportunities including boutique restaurants, cafés, tourism and boating possibilities.
“The town centre and Newport Quays are both growing and progressing...
