15/07/2010 - 00:00

Karratha on the move

15/07/2010 - 00:00

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KARRATHA’S growing reputation as a property investment hotspot has been strengthened by investors showing strong interest in the region’s first private sector-funded resort-style apartment complex.

Karratha on the move

KARRATHA’S growing reputation as a property investment hotspot has been strengthened by investors showing strong interest in the region’s first private sector-funded resort-style apartment complex.

The Ranges, which is being marketed by PRDnationwide Project Marketing on behalf of the developer, Green Valley Pty Ltd, will be built by Rapley Wilkinson and will feature 108 self-contained apartments over 2.5 hectares.

It will also be the first four-star resort style development in Karratha, offering both short- and long-stay options.

PRDnationwide and its joint venture partners have marketed a number of Western Australian resorts, including The Frangipani Resort at Cable Beach, and Footprints at Preston Beach in the South West.

The Ranges was designed by Claremont-based James Christou + Partners Architects.

The $40 million development is expected to complement the state government’s Pilbara City initiative, which has earmarked Karratha to grow into a major centre.

Last month, Regional Development Minister Brendon Grylls released the ‘Karratha, City of the North’ framework, a plan which will guide the development of the city to house a population of 50,000.

PRDnationwide Project Marketing director Angus Murray said there had been a “high level” of expressions of interest in The Ranges prior to the project’s launch, because of the low supply of short-stay accommodation in Karratha.

“Ours is the only resort-style apartment development likely to be constructed in Karratha this year,” Mr Murray said.

“Investors know the level of resource development and the degree of the housing shortage in Karratha.

“With the high demand for accommodation in the town, owners are assured of high occupancy rates and a healthy return on investment.”

Construction is expected to begin in October this year, with completion scheduled for late 2011.

The Ranges will be developed as rents reach record highs in the region. The Real Estate Institute of Western Australia reported in April that Karratha median rents had increased by $200 a week in the first quarter of the year to $1,600/week.

 

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