THE recent sale to a local company of the partially built residential development at 138 Mounts Bay Rd has initiated new plans to commence a $14 million project and complete the stalled development.
The 2736 square metre site, located next door to the Mount Medical Centre, was subject to much market interest when the receivers of former property syndicate, Botanic Joint Venture, put the site on the market in March.
The site, which contains the first two levels of the halted $10 million Botanic apartment building, is understood to have been purchased for less than $4 million.
Project manager Vision Architects managing director Barry Baltinas, who was involved in the original design of the Botanic building, said the same floor plan would be kept, however the number of apartments would increase from 31 to 35.
Mr Baltinas said the building would be re-detailed inside and out to ensure it had up-to-date wiring and technology.
Apartment purchase prices are to range from $300,000 to $500,000 with sizes ranging from 91sq m to 108sq m.
Mr Baltinas said a marketing program would not commence until construction work had progressed on the site.
“We are not marketing at the moment because it has been sitting there so long.”
Mr Baltinas told WA Business News that there were few drawbacks to developing a building that had remained unfinished for such at protracted time.
“If anything you get to see any differential settlement,” he said. “It a real shame it has been sitting there so long, it is one of the last development sites on Mounts Bay Road.”
Mr Baltinas said the development would offer an inner-city lifestyle with a Kings Park element.
“The great thing here is that these will be the best value for money apartments in Perth. From the third level up there are great views,” he said.
Construction is planned to commence in September and is expected to be finished by August next year.
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