How Local Developments Can Impact Businesses for Sale in Perth
How Local Developments Can Impact Businesses for Sale in Perth
If you are living in Western Australia or planning to move there, you may be considering buying a business for sale in Perth. With over 900 opportunities on Bsale in various industries, there are some great options available. The local Government has been investing a lot into revitalising the CBD and surrounding areas which can have a positive or negative impact when you're buying a business for sale in Perth.
On the positive side is an increase in foot traffic, which is important for industries such as hospitality and retail. It may also increase work for construction and trade services that could be engaged to help with the revitalisation projects. On the negative side is the potential closed roads and loss of foot traffic whilst the construction is being completed.
The due diligence process is where you can review the business for sale in Perth in more detail and determine if it meets your expectations and is right for you. An important part of this process is reviewing any local developments, such as road changes. We have put together a list of current projects expected for the region.
Whether you are a local to Western Australia or looking to move from interstate or overseas it's important to understand the buying process and how to analyse whether a particular opportunity is a good investment for you.
5 Major Revitalisation Projects
The City Council has several major revitalisation projects in the works that will have a positive impact on the CBD and people visiting. If you are considering buying a business for sale in Perth, see if it is located near any of these hubs. This could mean road closures due to the redevelopment but an increase in foot traffic once complete, so its important to do your due diligence
Roe Street Enhancement - commenced May 2021, with scheduled completion in late 2022. This project will reconnect the CBD with Northbridge and facilitate the regeneration of the area.
East End Revitalisation Program - Is focused on Hay, Pier and Irwin Streets and aims to improve the streetscape. If buying a business for sale in Perth in this area it's a good idea to see how long the project may last and its effect on foot traffic.
Perth City Link and Yagan Square - This is a major development between the Metropolitan Redevelopment Authority (MRA) and Public Transport Authority (PTA) that will sink the northern railway line, creating 13.5 hectares site between Perth arena and Horseshoe Bridge.
Elizabeth Quay - Creating an inlet that brings the Swann River into the city and creates 10 private lots and a public area with a pedestrian bridge and island.
Waterbank - Development on the East side that is aimed at creating a cosmopolitan destination with a beach at Waterbank. This area may be well worth considering if you're looking for a business for sale in Perth. It is being planned in conjunction with Lendlease, MRA and City Council.
Northbridge Entertainment Area - Council is currently asking owners and residents for feedback.
Hay Street Mall - Public enhancement project to improve infrastructure.
Urban Forest Plan - Creation of more green spaces across the City.
$1.7 Billion Perth City Deal
The Perth City Deal has been established with a $1.7 billion deal between the Commonwealth Government, State Government and City of Perth that plans to re-energise the CBD. Creating around 10,000 jobs and encouraging people to move back into the city area will have flow on economic benefits for small businesses.
Of this, $853 Million has been allocated to Edith Cowan University with plans to bring it into the city CBD. This will create 3,000 jobs during construction and 380 ongoing jobs. If you are looking at businesses for sale in Perth it may be worth looking at where this development will take place and if it will have any positive or negative impact on your income.
$1.7 billion deal and how it can impact businesses for sale in Perth
1.8% Growth Rate
Over 1.9 million people are living in the capital city of Western Australia, accounting for 75% of the state's population. This is a large market of potential clients in an isolated area making it a competitive and potentially lucrative market.
“Perth is one of the most isolated major cities in the world. The nearest city with a population of more than 100,000 is Adelaide, over 2,100 km (1,305 mi) away” Wiki
When Covid-19 struck across the country Perth was the second fastest growing city with a 1.8% growth rate in 2019-2020 according to the ABS. Whilst covid-19 restrictions were felt across the state, Western Australia placed strict restrictions on travel in an attempt to create a bubble and protect WA’s organisations and people.
Types of Businesses for Sale in Perth
There are 900+ businesses for sale in Perth on Bsale. This means we have a large array of opportunities in a multitude of industries. As with most capital cities, you can find several hospitality businesses with 200+ cafes for sale in Perth and 150+ restaurants for sale in Perth along with other industries such as construction, professional services, cleaning, manufacturing and imports. If you are looking for opportunities in other parts of the state, we have over 1,000 businesses for sale in WA.
The local government has put a lot of planning into the revitalisation of the CBD and surrounding areas to bring people to the area which will have a positive impact on local businesses.
If you are looking at a business for sale in Perth it's important to do your due diligence and make sure you are aware of any local developments as they may have an impact on your business. Road closures may limit foot traffic whilst precinct refurbishments may bring more people to the area. It's important to do the checks relevant to the specific business for sale in Perth you are looking to buy. It may even be worth looking at similar businesses in the area that can improve your quality of life such as this cute nail salon in Perth.
About the author
CEO Bsale Australia
Vanessa is the current manager and CEO of Bsale Australia. Over the past 11 years as a business owner, she understands what it takes to grow a ...