The $130 million restoration of Fremantle’s historic Dalgety Wool Stores into luxury warehouse apartments is expected to begin shortly, with developers Match and Sirona Capital passing their 70 per cent pre-sales target.
The Heirloom project, located on Fremantle’s Queen Victoria Street, is the largest residential heritage renewal of its kind, according to Match managing director Lloyd Clark.
It will comprise 183 apartments in the old Dalgety Wool Stores building, otherwise known as the Fort Knox storage warehouse.
Mr Clark said the project was a significant project for the port city, from both social and economic perspectives.
“Historically, it represents the grass roots of the city and where it all started,” he said.
“It would have been a tragedy to leave such a magnificent building dormant to deteriorate into a state of disrepair.”
Mr Clark said the development would be a significant catalyst for revitalisation on the eastern outskirts of Fremantle, and area which has recently received a boost through the opening of The Mantle, a highly rated hospitality venture incorporating a small bar and two restaurants.
The Heirloom project will also include hospitality offerings, helping to create a restaurant precinct in an underutilised part of the city.
Sirona Capital managing director Matthew McNeilly said the developer and funds manager’s commitment with Match underscored its long-term plans for investment in Fremantle.
Its biggest project in Fremantle is the $300 million redevelopment of Kings Square, a development which hinges on attracting a suitable anchor tenant, likely a state government department, to underpin the 30,000 square metres of office space in the proposal.
“There’s no doubt that Fremantle is poised for an exciting future and the start of construction at Heirloom is another milestone that’s worth celebrating," Mr McNeilly said.
“Fremantle’s future as a residential and tourism destination is very positive.”
Match appointed national construction firm Built to undergo the restoration of the buildings, the same firm that restored the Old Treasury Buildings on St Georges Terrace into a luxury boutique hotel for developer FJM Property.
Other heritage projects by Built include the Perth Mint and the Trinity Arcade.
The Heirloom redevelopment was designed by Cameron Chisolm Nicol’s Dominic Snellgrove.
The redevelopment, which could begin as early as this week, is expected to be complete in 2017.