Kings Square in Fremantle set for a facelift
The shabby face of Fremantle may get a much-needed makeover, with the council entering discussions about the redevelopment of the languishing Kings Square site.
Fremantle entered into a memorandum of understanding with Perth private equity firm Sirona Capital Management, which owns the ageing Myer building on the site.
Sirona, which has retained property developer Luke Saranceni to run the project, plans to deliver 20,000 square metres of refurbished retail and commercial space worth $80 million in 2013.
Earlier this year Myer was considering closing its door after 40 years of trading there. A delegation from Fremantle Council visited Melbourne to persuade the retailer to stay. It currently trades from only two levels of the four-floor building, which Perth financier Kelvin Flynn’s Sirona bought earlier this year.
The council owns much of the property on the historic square and is considering putting a hotel on the site. The MOU allows feasibility studies negotiations with Sirona to take place until June 2012.
