Karratha ready for retail precinct
The Western Australian town of Karratha is gearing up for a new retail precinct, which could help boost the local economy.
For those contemplating a home loan for property in the area - or already living in the Pilbara region - this could come as welcome news.
Construction has commenced on the first stage of The Quarter, which is a multi-purpose precinct located in Karratha's city centre.
Not only will The Quarter offer opportunities for retail, but there will also be commercial and entertainment areas, which could be a boon to the the area's future development.
WA-based company Doric is in charge of the design and construction of this first stage, with Mirvac at the helm as development manager.
"Doric has committed to using local earthmoving, concrete and fencing contractors in the first stages of the development, with the construction phase providing up to 150 jobs locally," explained Regional Development and Lands Minister Terry Redman on November 3.
Mr Redman noted that the project is part of the commitment to Pilbara Cities and the City of Karratha.
It's hoped Karratha will not only be an enjoyable area to live in, but will also be a sustainable area. The Pilbara Cities initiative "aims to build the population of Karratha and Port Hedland into cities of 50,000 people, and Newman to 15,000 people by 2035, with other Pilbara towns growing into more attractive, sustainable local communities," according to an official statement.
The Pilbara region is key to the Western Australian economy - not to mention the national economy. It provides a mammoth 95 per cent of the country's iron ore exports.
Not only this, but the region also accounts for 70 per cent of liquefied natural gas (LNG) exports.
It's predicted that LNG export volumes will increase, which could provide incentive for property investors to explore their options in the Pilbara region.
Development and construction of The Quarter is being pushed forward with $66.7 million funding from the Royalties for Regions program.
In addition to four levels of commercial and retail buildings, there will also be a public square, 46 apartments for Karratha's service works and a decked car park. Anyone considering a construction loan to build in the area - or an everyday home loan - may wish to act now.
Image credit: University of Salford Press Office