13/04/2010 - 11:19

Diploma plans $50m CBD project

13/04/2010 - 11:19

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Diploma Group is set to expand its presence in the eastern end of the Perth CBD, today announcing its fourth high-rise apartment building on Adelaide Terrace, valued at $50 million.

Diploma plans $50m CBD project

Diploma Group is set to expand its presence in the eastern end of the Perth CBD, today announcing its fourth high-rise apartment building on Adelaide Terrace, valued at $50 million.

The property developer today said it had acquired the site at 176 Adelaide Terrace in East Perth and planned to develop a 24-level building comprising 80 apartments.

The high-rise will also include a range of lifestyle amenities, including a swimming pool, barbecue facilities and a fully equipped gymnasium.

The building currently features a heritage-listed old stone church, and Diploma said it was well-equipped to handle working around the 1940 dedicated church.

Diploma chief executive Nick Di Latte said the building adds to the company's growing portfolio, and will contribute to 2012-13 earnings.

"Diploma is experienced at delivering high quality, affordable inner-city apartment developments as shown with the recent completion of Peak, Sky and Rise Apartments, and Zenith which will be completed in the months ahead," Mr Di Latte said.

"Diploma's market presence in the apartment market at the eastern end of the Perth CBD and the fact we are announcing more projects is testament to the continued market demand for our product."

Construction at the Adelaide Terrace site is expected to start early next year.

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