Big potential for Applecross site
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A 1.7-hectare site combining 12 land holdings near Canning Bridge in Applecross has come onto the market, representing one of the most significant masterplan development opportunities in Perth.
Located on the corner of Canning Highway and Sleat Road, the site has frontage to Kishorn Road and is being marketed exclusively by JLL.
The site falls within the area earmarked by the state government as part of its Canning Bridge Activity Centre plan.
This area is also the location of three existing apartment projects – Finbar Group’s $124 million 175-apartment Sabina development; Norup + Wilson’s $190 million 22-storey The Precinct – Mount Pleasant, which will comprise 192 apartments, as well as hospitality offerings; and Stirling Capital's Cirque, a two-tower 20-storey 235-apartment development on Kishorn Road, with tower one on track for completion early 2019.
The activity centre plan was released in 2016 and outlines a foundation for the future of the Canning Bridge Precinct, as well as objectives for development, including the development of a mix of residential, civic, office, retail and entertainment uses.
To explore the potential and possible built form development outcomes for the 1.74ha site, the consortium of landowners has engaged design firm Woods Bagot to develop a concept master planned community based on their vision to create a new city centre south of the river called Applecross Central.
As a result, Woods Bagot has delivered a concept for a mixed-use cyclist-friendly precinct with six distinct zones: specialty retail; premium residential accommodation; commercial office space; a five-star hotel; retirement living; and a school.
The triangular-shaped site offers multilayered but protected outdoor retail and service amenities within walking distance, and the concept also includes plans for parklands and landscaped laneways.
Woods Bagot senior associate and lead designer Andrew Tang-Smith said the vision was about meeting the needs of the Canning Bridge plan, as well as the needs of the current and future Canning Bridge community by providing a range of options to suit each unique lifestyle.
Global development officer Mark Mitcheson-Low said the development was a project that could be recognised anywhere as a world-class advancement to the next century community
“The complementary and distinctively designed mixed-use precinct balances a mix of commercial, residential, retail and community services and amenities, and brings convenience to the doorstep of the Applecross community,” he said.
JLL WA head of sales and investments Nigel Freshwater said the Applecross Central site provided significant development scale and scope for a fully integrated, high-density mixed-use development.
“This is a very rare opportunity indeed and without doubt will attract significant local, national and offshore interest from developers and investors, seeking a truly unique and unrivalled project, capable of delivering a full suite of end-product across a multitude of sectors,” he said.
JLL WA associate director sales and investments Sean Flynn said Applecross was one of the state’s most affluent and sought-after suburbs.
Applecross represents Perth’s fifth highest metro median house price at $1.63 million according to Reiwa - 210 per cent above the Perth metro median, coming in behind only Peppermint Grove, Dalkeith, Cottesloe and City Beach.
“The strength of the location is also illustrated by the fact that the local boutique office market has in the past been strongly supported, even in difficult periods in the cycle,” Mr Flynn said.
JLL WA director sales and investments Tom Nattrass said JLL had been engaged for a number of Perth’s largest development sites over the years.
“With this history, we know we have something very special with Applecross Central,” he said.
“This exceptional location and the complexities associated with bringing together so many key landholdings to create a superblock with over 650 metres of street frontage means we’re unlikely to see this again for many years.”
Applecross Central is being offered for sale via expressions of interest, closing Thursday May 17 2018.