16/10/2020 - 15:00

15-year project complete

16/10/2020 - 15:00

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Mirvac Group has completed its 104-apartment development, Compass, the final stage of its circa $350 million Latitude Leighton Beach infill precinct.

15-year project complete
Since acquiring the site in the early 2000s Mirvac has delivered 280 apartments across five buildings, as well as community amenities and hospitality venues. Photo: Mirvac

Mirvac Group has completed its 104-apartment development, Compass, the final stage of its circa $350 million Latitude Leighton Beach infill precinct. 

The ASX-listed property group started work on the Latitude Leighton Beach development 15 years ago, after purchasing land that was part of the former Leighton railway marshalling yards from the state government’s land agency, DevelopmentWA.

Mirvac has since delivered 280 apartments across five buildings, as well as range of community amenities such as the Fremantle Surf Lifesaving Club, amphitheatre and several hospitality venues, including a small bar to be opened soon.

The project’s final stage, the $67 million Compass apartments, features a mix of one-, two- and three-bedroom apartments, and will open tomorrow.  

 “I think there’s definitely a movement in Perth toward creating neighbourhood hubs,” Mirvac general manager residential development WA Paige Walker told Business News.

“Places where there’s easy access to amenity – public transport, cafes, restaurants, retail and open space.

“In order to create those thriving urban neighbourhoods you really need to have well-designed, greater density developments to ensure there’s enough people in the area to support those businesses.

“For us, Compass was the perfect location for that; it’s between the ocean and Freo train station and we’ve been able to create that amenity, so it’s a destination for residents to enjoy but also for other people to use as well.”

Ms Walker said while there had been some uncertainty in the market due to COVID-19, the state government’s extension of the 75 per cent stamp duty concessions for buyers of new apartments already under construction had boosted levels of interest in Compass.

More than 90 per cent of the development had sold, she said, with 12 apartments left, mostly comprising two-bedroom, two-bathroom stock as well as one three-bedroom apartment.

Ms Walker said the buyer split between owner-occupiers and investors had mostly been 70:30.

“We’ve seen people taking up the opportunity to relocate – there’s probably a newfound appreciation for where people live after having to spend a lot more time at home,” she said.

“And there is a new appreciation of what living in Western Australia has to offer, with plenty of open space, beautiful beaches and other natural attractions."

Latitude Leighton Beach is one of several inner-city infill developments that have taken shape in recent years, including Mirvac’s The Peninsula Burswood; Claremont on the Park (where Mirvac has another apartment development); Parkside Walk in Jolimont; Montario Quarter in Shenton Park as well as the upcoming Subiaco East Redevelopment project.

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