06/11/2019 - 10:27

Apartments surge in Subi

06/11/2019 - 10:27

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Subiaco’s apartments market is running hot, with Blackburne racking up rapid sales success at its $280 million One Subiaco development and boutique developer Celtic Properties launching an 82-dwelling development on Roydhouse Street.

Apartments surge in Subi
Paul Blackburne says early sales success at One Subiaco illustrates high demand for Subiaco apartments. Photo: Gabriel Oliveira

Subiaco’s apartments market is running hot, with Blackburne racking up rapid sales success at its $280 million One Subiaco development and boutique developer Celtic Properties launching an 82-dwelling development on Roydhouse Street.

Blackburne had secured more than $70 million in apartment sales at One Subiaco prior to its official marketing launch late last month, with managing director Paul Blackburne reporting that the majority of buyers had come from Subiaco or surrounding suburbs.

Mr Blackburne said he expected to secure $150 million in sales by December, facilitating a construction start early next year.

“Buyers are definitely looking for larger, high-end residences in great locations, and One Subiaco ticks every box, as well as being at a location close to the hearts of many Western Australians,” Mr Blackburne said.

Meanwhile, boutique developer Celtic Properties has also made a move into Subiaco’s apartments market, launching an 82-dwelling development proposed to be built on Roydhouse Street.

Celtic Properties has appointed Pindan to build the $49 million, six-storey project known as Halcyon, and has been designed to cater for first homebuyers through to downsizers from the western suburbs.

Sales will be coordinated by Abel Projects.

Halcyon is located in DevelopmentWA’s Subi East precinct, a redevelopment area stretching from Subiaco Oval to the old Princess Margaret Hospital site, where more than 2,000 new dwellings have been proposed to be built in the coming decade.

The Subiaco project is one of four in the pipeline for Celtic Properties, which is also pursuing developments in Scarborough and South Perth.

Subiaco is one of the bright spots in Perth’s difficult residential property market, with research from JLL indicating a 1.9 per cent increase in median house prices in the suburb in the year to June 2019.

Median apartment prices have exhibited much stronger growth, increasing by 11.7 per cent over the same period, JLL said.

JLL was recently appointed to sell a 3,177 square metre development site at 277 Barker Road.

“The recent exciting development activity in Subiaco, coupled with its undoubtedly positive market fundamentals mean we think it’s a pretty safe bet for any developer looking to take a position in a strong boutique market,” JLL senior director Nigel Freshwater said.

Other developers active in Subiaco in recent months include Edge Visionary Living and Cedar Woods Properties.

In May, Edge Visionary Living launched its Orchard Terrace project, an 82-dwelling development designed by Hillam Architects.

Also in May, Cedar Woods Properties announced it would acquire the former Subiaco TAFE site at 133 Salvado Road for $15 million, where it is planning to build a mix of townhouses, apartments and standalone dwellings.

Concept planning for Cedar Woods’ Subiaco infill project is ongoing, with the development to add to the ASX-listed developer’s pipeline of more than 2,700 apartments and townhouses across Australia.

Settlement of the site is expected to occur in July next year. 

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