Government approves $227m Subi investment
Subiaco’s transformation post-football is gaining momentum, with the state government approving $227 million of funding to revitalise the Subi East precinct, a commitment expected to be a catalyst for more than $1 billion of private sector investment.
The Department of Planning is working closely with the City of Subiaco, LandCorp and the Metropolitan Redevelopment Authority on its vision for the area, which includes more than 2,000 new dwellings around Subiaco Oval and the old Princess Margaret Hospital site.
Funding announced today will go towards land acquisition and the demolition of Princess Margaret Hospital, as well as ensure a diverse mix of housing options is rolled out across the redevelopment area.
Further planning will now begin, with the government to work closely with Subiaco residents and the local business community to determine the most appropriate urban design for the site.
The City of Subiaco is advocating for the development of a dedicated cultural precinct, a multi-use recreational facility, and for the conversion of Hay Street and Roberts Road to accommodate two-way traffic.
Demolition works at Subiaco Oval are well under way, and are expected to be complete in time for the opening of Bob Hawke College, which is being built by PACT Construction, in February next year.
“Perth needs these kinds of projects that breathe new life into existing areas, attract more people to visit and create thousands of local jobs,” Mr McGowan said.
“Around 2,700 jobs will be created during construction alone, while a further 650 will be supported once the new precinct is built out.”
Ms Saffioti said the approval of the business case and funding was a landmark milestone for Subi East.
“The focus can progress towards master planning and we look forward to seeing this vibrant, connected new community take shape on the doorstep of the Perth CBD,” she said.
Private sector developers had begun sharpening their focus on Subiaco prior to today’s announcement, with apartment specialist Blackburne quickly advancing its plans to redevelop the old Pavilion Markets site, and a host of other developers seeking to launch new projects.
Blackburne’s $235 million plan for the markets site includes three towers containing 242 apartments, with the project also to feature a comprehensive retail and hospitality component.
Also in Subiaco, Edge Visionary Living kicked off a sales campaign in June for its 82-apartment Orchard Terrace, proposed to be built on Wunderlich Road.
ASX-listed developer Cedar Woods Properties confirmed last week that it would acquire the former Subiaco TAFE site at 133 Salvado Road, where it is planning to develop a mix of townhouses, apartments and standalone dwellings.
Cedar Woods will pay $15 million for the site, located at 133 Salvado Road.