Construction and development company Diploma Group will develop a four-level 24-apartment building in Subiaco, with a combined value on completion of $16 million.
The project will be built on the 843 square metre Lot 62 the corner of Carter Lane and Centro Avenue, and will include a ground level commercial space.
“Being a smaller scale development, we will be able to achieve completion well within two years from land settlement, making it an attractive proposition,” managing director Nick Di Latte said.
Key features of the property include proximity to Subiaco Square and the Subiaco train station, as well as walking distance to the suburb’s cafes, bars and restaurants.
“Subiaco is a great location for a project of this type given its proximity not only to transport and the CBD, but also WA beaches such as Cottesloe, Swanbourne and Floreat which are less than 10 minutes away by car,” Mr Di Latte said.
The purchase is expected to reach settlement by June/July, with construction to begin in January next year.
Earlier in the week Diploma announced plans to sell its Quest Serviced Apartments in Rockingham and Adelaide Terrace to undisclosed buyers for a combined value of $63.5 million.
Diploma shares were steady at 4.1 cents per share at 10am.
