Gary Dempsey Developments is set to take full ownership of a 1,500 square metre Scarborough block with uninterrupted ocean views after reaching an agreement with Cape Bouvard.
Gary Dempsey Developments founder and managing director Gary Dempsey told Business News the developers had reached an agreement to transfer the property at 194 The Esplanade, which is located opposite the Wild Fig restaurant.
According to Corelogic, Cape Bouvard Developments purchased 194 The Esplanade for $6.7 million in April 2019.
The groups had decided to work together on 194 The Esplanade, with Gary Dempsey Developments project managing and developing the site for an equity stake in the project.
“We have been fortunate to (have that) financial capability,” Mr Dempsey told Business News.
“It’s the only site on Scarborough beachfront that has that North West aspect that projects forward of the other developments on the beachfront.
“It’s also further forward from the Seaview development on the other side of the road, so it gives us increased design capability without having the influence of prevailing winds.”
Mr Dempsey said the team planned to lodge a development application for 194 The Esplanade later this year.
The project will form part of Gary Dempsey Development’s $300 million pipeline of apartment projects, including the $92 million 55-apartment Siskas project – the final release of the group’s Taskers Living development in North Fremantle.