Strategic Redevelopment Secures PowerPlay and Perth College of Business & Technology at 164–168 Welshpool Road
The repositioning of 164–168 Welshpool Road, Welshpool demonstrates how strategic redevelopment, considered planning and proactive leasing can unlock the long-term value of an underutilised industrial asset.
Located within one of Perth’s most established industrial corridors, the site was transformed through a targeted redevelopment strategy focused on improving functionality, increasing appeal to national operators and maximising long-term commercial performance.
The result was the successful pre-commitment of PowerPlay on a 7-year lease, followed by an additional 5-year lease secured with Perth College of Business & Technology shortly after project handover.
Problem
The site was underdeveloped and not being utilised to its highest and best use, limiting its overall performance and long-term potential.
While positioned within a highly accessible industrial location, the existing improvements no longer aligned with the expectations of modern occupiers seeking functional, high-quality industrial and commercial space with strong exposure and accessibility.
To unlock greater value, the asset required a considered redevelopment strategy capable of improving site functionality, modernising the presentation of the property and creating a stronger leasing proposition for national and established tenants.
For Greg D’Arcy, the opportunity extended beyond simply leasing the existing improvements.
“The site had strong underlying fundamentals from a location and exposure perspective, but there was clear potential to reposition the asset into something far more functional and appealing for modern occupiers.”
Objective
The objective was to reposition the site through a comprehensive redevelopment that would maximise revenue potential while enhancing the overall functionality, appeal and long-term value of the asset.
This included:
- Increasing Net Lettable Area through a more efficient site layout
- Improving presentation and street appeal through a modern redesign
- Maintaining practical site functionality and parking requirements
- Targeting national and established operators aligned with the location
- Securing long-term leasing outcomes to strengthen the asset profile
A strategic leasing and marketing campaign was developed to support the repositioning of the property and connect the opportunity with suitable tenants actively seeking well-located industrial accommodation within Perth’s central industrial corridor.
Action
The redesign of the site was strategically planned to maximise Net Lettable Area while ensuring the property maintained strong operational functionality, accessibility and sufficient on-site parking.
Development Approval was well progressed throughout the campaign and aligned closely with the proposed redevelopment vision, providing confidence to both ownership and prospective tenants.
Range Commercial implemented a proactive leasing strategy, targeting tenants whose operational requirements aligned with the flexibility, scale and exposure offered by the site.
Through direct engagement, strategic market positioning and a considered campaign approach, a successful pre-commitment lease was secured with PowerPlay, establishing a strong foundation for the repositioned asset prior to completion.
Aligning the redevelopment with genuine occupier requirements was a key driver behind the project’s success.
“Understanding what tenants were looking for from both an operational and branding perspective allowed us to position the property more strategically and generate stronger engagement throughout the campaign,” Greg added.
Following project handover, the momentum generated by the redevelopment and leasing campaign continued, resulting in Perth College of Business & Technology securing additional space within the property on a 5-year lease for a new trade training facility.
Outcome
The redevelopment delivered a strong commercial outcome for the asset, securing long-term tenants aligned with the property’s repositioned vision and operational capabilities.
PowerPlay committed to a 7-year lease, providing a strong covenant tenant and long-term income security for the asset while validating the redevelopment strategy and overall project direction.
Development Approval was achieved in line with the proposed plans, supporting the successful delivery of the project and aligning with the client’s expectations for the site.
The subsequent lease secured with Perth College of Business & Technology further strengthened the performance of the asset and reinforced the effectiveness of the repositioning strategy, demonstrating strong ongoing demand for modern, well-located industrial accommodation within Welshpool.
Unlocking the Full Potential of the Asset
The repositioning and redevelopment of 164–168 Welshpool Road generated renewed market interest and significantly improved the long-term appeal of the property.
Securing an additional tenant immediately following handover highlighted the strength of the leasing campaign and reinforced the value of aligning redevelopment strategy with genuine occupier demand.
The project demonstrates how strategic planning, proactive engagement and considered execution can unlock underutilised assets and create long-term value for owners, while delivering outcomes that align with tenant operational requirements and future growth.
Considering the Potential of Your Asset
Range Commercial works closely with owners, developers and investors to reposition assets, attract quality tenants and unlock long-term value through considered leasing and redevelopment strategies. Get in touch with the team to discuss your property.
