11/10/2013 - 14:42

$135m Swanbourne apartments planned

11/10/2013 - 14:42

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Property developer Paul Blackburne is finalising plans for a major apartment development in Swanbourne, after completing the purchase of a site on Alfred Road.

$135m Swanbourne apartments planned
Blackburne Property Group managing director Paul Blackburne.

Property developer Paul Blackburne is finalising plans for a major apartment development in Swanbourne, after completing the purchase of a site on Alfred Road.

Mr Blackburne paid $8.2 million for the 6,552 square metre property, located on the old Swanbourne high school site.

LandCorp and Mirvac sold the property, having already developed most of the surrounding site as housing.

Mr Blackburne told Business News he was preparing final plans for the apartment project, which would go before a Development Assessment Panel later this month as part of the planning approvals process.

All being well, marketing of the apartments will start in November.

Mr Blackburne said the development, which would comprise mostly two- and three-bedroom apartments, would have an estimated value upon completion of $135 million.

This would make it the largest project by Blackburne Property Group, which has become one of the most active apartment developers in Perth.

Last month, it awarded $40 million in construction contracts for the Encore and Proximity apartment buildings in Subiaco and Rivervale.

The Swanbourne construction contract is expected to be worth about $65 million, with Mr Blackburne currently assessing whether to run a tender process or negotiate with a major builder.

He characterised the planned apartments as “affordable luxury”, adding the development would include a big investment in common facilities including a pool, spa, gym, sauna and private cinema.

“We will get economies of scale that mean we can add luxury features you don’t normally get in Perth,” Mr Blackburne said.

Jones Lang LaSalle was selling agent for the Swanbourne site.

The planned development follows the recent start of construction on the nearby Freshwater apartment project, on Stirling Highway in Claremont.

Freshwater comprises 70 apartments and 10 office suites, across seven levels.

Developers Aria Land and Otan Property Funds Management appointed Otan’s construction arm, Pindan, as the project builder, with completion due in April 2015.

Otan and Pindan are also working together on the North One development in Subiaco, comprising 88 apartments and 17 commercial and retail spaces.

Aria previously engaged Pindan to build its West One project in West Perth, with 59 apartments completed in 2007.

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