Lendlease expects to kick off sales for the first phase of apartments at its Waterbank precinct in East Perth in the second half of this year, casting aside concerns over challenging conditions for apartment developers.
The six-hectare site is considered to be one of the prime development plots in Perth, with its proximity to the city and riverside location expected to be key selling points.
While the entire project will be a 10-year build, the first phase, which has been given planning approval, will be a 200-apartment, 32-storey tower that will also incorporate food and beverage tenancies on the ground floor.
Lendlease urban regeneration managing director Jonathan Emery said everything was in place with the site ready to start construction after a long period of preparation and site works.
“We’re now working through the final conditions of the planning and the details,” Mr Emery told Business News.
“We’ve been speaking to the construction market to get them ready, making sure we’ve got the right craftsmen and materials and so forth.
“Everything is geared up for it and sales will probably be launched in Spring.”
Mr Emery acknowledged the challenges with selling apartments being experienced by developers in Perth, but was nonetheless confident Lendlease would be able to achieve a result.
“There has been some recent press about projects falling over for various reasons, but it’s important that we provide our investors and the people that want to come live here a high degree of certainty,” Mr Emery said.
“I think Lendlease brings with it the credibility that we want to bring to this project.
“We’re keen for all issues to be resolved before we open this up for investors to join so we can demonstrate that degree of certainty in their future homes.”
Mr Emery said that Lendlease’s vision for Waterbank would be a development that was uniquely Perth, capitalising on the riverside location and embracing the natural characteristics of the site.
“The issue of authenticity and building on the very strong identity of Perth is a very important part of what’s brought forward by all development, including Waterbank,” he said.
“Increasingly I’m seeing cities around the world who aspire to be great borrowing and copying.
"Whether it’s a Guggenheim, or whether it’s a ‘starchitect’ skyline, people are borrowing and copying from other places. I see Perth very much as building on its own identity and its own DNA.
“With Waterbank being an extremely important part in Perth’s development, we thought it was important that we stay true to that and we are also building something that is for Perth and for the people of Perth.”
Lendlease will host a public festival at the Waterbank site tomorrow, including Pilates and bike workshops, a beach volleyball exhibition, DJs and a performance by local musician Morgan Bain.
Mr Emery said the festival was geared to showcase the relaxed character of Perth that Lendlease was aiming to embrace with the Waterbank development.
Four hectares of the 6ha Waterbank site will be set aside for public spaces, to provide amenity for the future residents and workers at the precinct.
An artist's impression of the amenity which will be offered at Waterbank.
