Toowoomba’s central business district looks to receive a new lease on life with the Walton Stores urban renewal project, a development modelled on Brisbane’s James St Market and Melbourne’s laneways. It will feature retail outlets, restaurants and cafes, and office spaces.
“This has been a very successful formula which has been well-executed in cities throughout Australia and overseas,” director of project management Graham Secombe told The Chronicle. “It will bring something that is familiar to those who have travelled elsewhere while providing something new and different to Toowoomba.”
Construction on the Walton Stores urban renewal project was originally scheduled to commence in early 2016. However, in August developers decided to bring construction of the first phase forward to meet tenant demand. Westpac, one of the development’s anchor tenants, said it wanted to move into the new development in early December. Full of Life Organics Juice Bar also committed to moving before 2016.
What Role Does Tenant Demand Play?
As seen in the case above, tenant demand plays a key role in fast-tracking construction projects. The sooner a development can move tenants in, the sooner it can start generating revenue and recouping its development costs.