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Arcus selling well

THE first residential development project to go ahead on the Village Northbridge site has almost sold out before it has been released to the general public.

Of the 66 dwelling available in Australand’s $9.5 million Arcus site development, 51 have been sold pending contract agreement in about a three-week period.

Australand general manager Chris Lewis said the project was only released to people on the company’s database and consisted of a real mix of both investors and owner-occupiers. He said what was driving the sales was the location of the project, a sense of opportunity and that investors were expecting to reap the same returns they had been experiencing in East Perth and Subiaco.

The Australand development will be the first development to get off the ground in the Village Northbridge area. 

WA Business News understands that most of the major Perth development companies have been looking closely at the area and are expected to make a move in the area as EPRA releases the larger packages of development land available in the precinct over the next couple of months.

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