Diploma Group has won a $110 million contract to build stage 1 of the Queens Riverside mixed-use development on the former East Perth Bus Depot site on Adelaide Terrace, on behalf of Frasers Property Australia.
Construction and property development company Diploma Group has won a $110 million contract to build stage 1 of the Queens Riverside mixed-use development on the former East Perth Bus Depot site on behalf of Frasers Property Australia.
The 40-hectare Queens Riverside project, bordered by the Swan River to the east, Plain Street to the west, Adelaide Terrace and the Causeway intersection to the south, and Waterloo Crescent to the north, will commence this month and is anticipated for completion mid 2012.
On completion, stage 1 will comprise commercial, retail, residential and hospitality components with the whole project bordered by Hay Street and Adelaide Terrace, on the Swan River foreshore.
In May 2006, the East Perth Redevelopment Authority sold six sites for the project - four to Frasers and two to Perth-based TRG Properties.
The Frasers site includes up to 23 storey mixed-use developments, incorporating residential, restaurant and retail uses and a hotel, while TRG's developments include 15 three-storey townhouses and four-storey apartments along Hay Street.
With approval now granted for 288 apartments and townhouses, commercial space, a new retail precinct and a luxurious apartment hotel, the project is set to change the face of the eastern end of the Perth CBD.
Diploma chief executive Nick Di Latte said the project will be an important addition to the City of Perth landscape and will work towards completing the vision for the eastern end of the Perth CBD.
"Diploma has made a significant contribution to the Adelaide Terrace precinct in recent years with two large scale residential developments now complete with a third scheduled for completion in the coming months," he said in a statement today.
"Frasers Property Australia was aware of our profile in this part of town and this combined with our ability to deliver quality projects to budget and schedule was obviously an important consideration for them when looking for the right company to deliver this project.
Diploma is delighted with the appointment and it is an exciting start to what is already shaping up to be a very busy year."
EPRA believes the project will transform the city's eastern gateway into a "cosmopolitan waterfront community with a range of entertainment, commercial and residential opportunities" and anticipates that with the existing nearby sporting and educational venues, Queens Riverside could become home to almost 6,000 residents.
A defining part of the precinct will be Fraser Suites Perth, the first all-suite apartment hotel to be built in over 12 years in the area, and the second residence in Australia run by Frasers Hospitality.
Responding to global demand for high-end residential environments, Frasers is currently planning and developing more than $4.5 billion in residential property throughout Australia and New Zealand with further projects underway in the UK.
