12/09/2012 - 10:25

Joint plan to develop big Innaloo site

12/09/2012 - 10:25

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Joint plan to develop big Innaloo site
OPEN: Georgiou Capital plans to start construction of its office development on a site near Ikea. Photo: Grant Currall

Property developers FJM Property and Ascot Capital have formed a joint venture to develop a 2.3-hectare site in Innaloo, next door to the site where Georgiou Capital is about to start construction of a commercial development.

The two developments mark the first real progress in plans to establish a new city centre in the area, best known for its landmark Ikea store.

The state government has supported the development of the proposed Stirling City Centre, with two departments occupying 31,800 square metres set to move there.

FJM, which is part-owned by Adrian Fini, and Ascot Capital, best known as the developer of Jandakot airport industrial estate, are progressing development applications for their 2.3ha site, located next to Ikea.

“The site will include a mix of retail, office and residential properties,” spokesman Kyle Jeavons said.

The commercial component will be designed by WA-based architects Cox Howlett & Bailey Woodland and the residential component by Melbourne-based architects Elenburg Fraser.

“The office and residential components are likely to go to market in late 2012,” Mr Jeavons said. 

Last week Georgiou Capital announced it would start construction of a 6,800sqm office on the corner of Tassels Place and Ellen Stirling Boulevard.

Georgiou expects to finish the office in January or February 2014.

The office building, named Tassels, will become the headquarters of the School Curriculum and Standards Authority.

The Department of Commerce also plans to move to the Stirling City centre between 2016 and 2018.

This move will require 25,000sqm of office space for 1,000 employees. A location is yet to be determined.

Meanwhile, the Stirling City Alliance (a collaborative group of residents, government agencies, commercial landholders and developers) expects to finalise the structure report for the city centre later this month.

It is also close to finishing its transport business case, which will seek $300 million from the state government for road works on Stephenson Avenue, between Scarborough Beach Road and Cedric Street.

Subject to WA Planning Commission and Minister for Planning approval, the Stirling City centre stage one site could be rezoned as a development zone as early as February or March next year.

Knight Frank state director of asset services Ian Edwards saw great promise in the area. He said the Stirling City precinct was one of the next office precincts with strong development potential.

“There is interest in the area because it’s right on the train line, very close to the city and it gives you rents that are half the city rates,” Mr Edwards said.

“Quite a few developers, some that we are working with, want to develop buildings in the area…both around the Tassels site and its surrounding areas.”  

Georgiou Capital director Jon Smeulders said: “In the CBD tenants are looking at rents between $600 and $800sqm a year … our rent in Stirling is $460sqm a year.  

“The Innaloo precinct rents are more sustainable and it hits the mark of the WAPC’s Directions 2031 and Beyond initiative.”

 

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