05/07/2013 - 14:27

Australand expands Cockburn investment

05/07/2013 - 14:27

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Australand expands Cockburn investment

Listed property developer Australand claims it is back in “acquisition mode” after spending $7.5 million on two lots in Cockburn’s town centre.

Australand WA general manager Tony Perrin said it planned to build five apartment projects on the 1.38 hectare site, which will add 369 apartments and seven commercial and retail units to Cockburn Central by 2019.

Mr Perrin said Cockburn Central would ultimately service a population of more than 200,000 people and grow into a lively urban community with strong links to public transport and local employers such as the Gateway Shopping centre, Murdoch University and the Murdoch Hospital.

“The City of Cockburn’s recent announcement to build an $82 million state-of-the-art aquatic, recreation and community facility at Cockburn Central West and the Fremantle Dockers training and administration facility will be further key contributors to local employment and convenience,” Mr Perrin said.

The expansion of Cockburn Central reflects the state government’s Activity Centres policy, released back in 2010 to encourage the integration of residential development in retail expansions.

Australand said it had worked closely with the private sector and local government to ensure Cockburn Central was a place where people could live, work and play all in the same area.

By the time lots five and six are fully developed at Cockburn Central, Australand will have delivered 773 apartments and 37 commercial-retail units in the precinct.

The announcement comes just weeks after WA property group Satterley confirmed it had run the ruler over Australand’s residential assets in WA and Victoria.

GPT Group walked away from a $3 billion bid for Australand’s commercial and industrial assets in late May, triggered by Australand’s biggest shareholder – CapitalLand Limited’s review of its investment in Australand.

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