Dynamism is achieved in a commercial inner city area that services multiple audiences in an ongoing and sustained way. Vibrancy is achieved through the historical legacy of an area, which builds, shifts and changes organically and independently over a sustained period of time. Liveliness is achieved through attracting tenants that are independent, diverse and wide-ranging in the products and services they offer.
Each tenant is different. All of them share only one common goal, which is to be successful enough in their endeavour to cover their costs and pay the rent. Some tenants are driven to make a great deal of money some however are not. Some tenants are driven by the products and services they passionately believe in, some in the dream of self-employment and some in the people they encounter on a daily basis. It is this diversity that enriches the inner city.
If the property developer / manager is driven (as the should be) for rich, vibrant, bustling streets it is their fundamental obligation to understand, encourage and incubate these tenants.
An overhaul of the current rent pricing structure for the inner city and the abolishment of the standard market square metre rate.
Introduction of a new rent pricing system requiring 3 benchmarks are met:
The site will benefit from the tenant in a commercial, cultural and social context.
The tenant can realistically sustain the demands of the price for the long term.
The property developer/manager will not suffer undue financial burden by the fixed rate, but may choose to offset profit from one site against loss from another in pursuit of diverse tenants.