A new home for one of Australia’s fastest growing franchises, PappaRich, has been confirmed for Cockburn Central, heralding the fourth opening of the popular chain in Perth.
Adam Musbah, Director Axia Corporate Property, said the Cockburn opening follows those in Northbridge, Carousel and Joondalup. “We have leased the first PappaRich offering in the Southern suburbs at Plaza 817,” he said. “I would say it’s currently one of Australia’s most successful franchise chains, with 22 stores across Australia in just three years, and more than 200 worldwide.”
Mr Musbah said the response from tenants such as PappaRich indicated confidence in the strength of the market and the progression of F&B retail despite signs of a weak WA economy.
“The rental levels achieved are reflective of the demand from retailers wanting to establish themselves within the Cockburn area,” he said. “The lack of available and suitable stock, together with the strong trading performance that existing retailers have experienced in the area, make Plaza 817 an attractive proposition for both local boutique retailers, national and international franchises alike.”
“Tenants of this ilk are integral in making a large mixed use complex like Plaza 817 successful, and more importantly in the current economic environment, viable and sustainable tenants for investors,” Mr Musbah said.
According to Mr Musbah, this had positive implications for buzzing Cockburn Central and broader Perth as a whole.
Axia Corporate Property successfully negotiated leases for a number of national retailers during the construction phase of this $30 Million development including Dome Coffee, Specialised Bikes, PappaRich and Korean franchise chair, NeNe Chicken. These tenants complement the development’s 2,500m2 of office space and the high-density residential surrounding the property.
“We had an overwhelming response from local and national retailers, in particular Food and Beverage tenants, who wished to be part of this strong trading, well-established and diverse retail tenancy mix at Plaza 817,” Mr Musbah said.
The leases finalised for PappaRich and NeNe Chicken, brought the total number of leases negotiated by Axia Corporate Property on behalf of clients to over $16 million in annual gross rentals for the 2015/2016 financial period.
“With F&B retailers such as PappaRich coming on board we have no doubts that Plaza 817 and retail destinations across Perth will continue to offer an attractive prospect to well recognised tenants from Australia and further abroad,” Mr Musbah said.
PappaRich originated in Malaysia in 2005 and its popularity has continued in WA with most customers continuing to battle the long queues to dine in their restaurants. Mr Musbah said he expects the Cockburn offering to receive a very strong reception. “When the first Perth store opened in Northbridge in 2014, Perth diners flocked to PappaRich’s renowned offering,” he said. “Subsequently, Carousel and Joondalup were met with similar fanfare, so we’re expecting a greater performance at Plaza 817.”
PappaRich’s Cockburn premises will be located at Plaza 817, 817 Beeliar Drive, Cockburn Central and is due to open in the fourth quarter of 2016.