This For Lease Sign on Norfolk Street caught my eye the other day as it represents the underlying ripple effect and good news story that is Fremantle’s economic renaissance.
Normally For Lease signs might represent a sluggish economy, however this particular sign tells a very different story; Economic revival powered by unprecedented waves of investment.
Wave 1 — The Tsunami, Kings Square:
The largest public-private infrastructure project in Fremantle’s history, totalling around $270m. Delivering over 20,000m of premium office space and over 2000 workers Monday to Friday, Kings Square will help realise our 7 day economy — a Fremantle where more people work, live and shop every day.
Housing multiple State Government departments will attract additional large corporates and support services from other small-medium business such as accountants, law firms and consultants.
Kings Square has triggered a second and third wave of investment across Fremantle.
Wave 2 — The Manning Building
Aware of the requirement for supporting business services, the private sector have also begun construction of more premium office space surrounding Kings Square to house the anticipated demand from service companies.
The Manning Arcade has seen most of its upper floors dormant for nearly 100 years. Anticipating an opportunity, Silverleaf Investments have begun refurbishing the entire building, including the former cinema, into a unique office space rich with Fremantle character.
Still under construction, the building is almost fully leased. Existing firms in Fremantle aware of the new opportunities that will present in early 2020, have taken the first mover advantage, snapping up this new offering in the Manning Building — one of those being Frichot and Frichot.
Wave 3 — Old life brings new blood
Frichot and Frichot who are currently on Norfolk Street want to be among the action at Kings Square and have taken the step to move for the first time in 30 years.
As the Norfolk Street premises are vacated, a new opportunity will present for a small to medium business looking to upgrade their existing premises or move into Fremantle– and so the cycle continues.