FREMANTLE council will consider the compulsory acquisition of three shops on Elder Place so the street can be widened into a boulevard connecting the CBD to Victoria Quay.
The shops, including a hairdressers, sex shop and failed travel company, are part of the Woolstores Shopping Centre complex and have been owned by Thomas and Maria Tsiaglis for 20 years. Ms Tsiaglis says she’s ready to sell up, but warns that following the council’s generous rezoning of the site, she wants a good return for her investment.
“About two or three years ago [the council] approached us about buying the site, but then they seemed to change their mind,” Ms Tsiaglis told the Herald.
If negotiations break down, the council has left open the option of compulsory acquisition. It would then hold onto the properties as an investment until the Woolstores Shopping Centre redevelopment starts, when they would be on-sold to its owner, Silverleaf Investments developer Gerard O’Brien, at market value.
by STEVE GRANT