Giorgi Exclusive Homes says its $15 million purchase of a block in West Perth has set a new record for a quarter acre block in Perth, with the recent settlement of the transaction to facilitate building to start next month on a luxury apartments complex.
Selling agent Andrew Porteus of William Porteus Properties International said the purchase of the 1,066 square metre lot at 10 Bellevue Terrace was indicative of buyer demand at the top end of the residential real estate market.
"The developer had been searching for a truly significant site for some time and could not find anything suitable until this one became available," Mr Porteus said.
Giorgi Exclusive Homes is planning to build six apartments on the property, with three already sold prior to public release.
Each apartment will take up a full floor of the six-level building, an artist's impression of which can be seen below.
Managing director Claude Giorgi said the builder was focusing on architectural detail to make a statement at the prominent site, which is on the Mount Eliza escarpment backing onto Kings Park and has panoramic views of the Perth city skyline, the Swan River and the Darling Range.
He said the apartments, all three bedrooms, would be designed to feel more like a high-end house.
"This makes Ten Bellevue Terrace one of the most inspiring projects Giorgi Exclusive has ever been involved in," Mr Giorgi said.
"We have been very fortunate to secure this unique site as there is a finite availability of streets in Perth with the views and attributes of this address, which is also the last development site in this exclusive street."