PROPERTY developer Mirvac Fini has purchased a development site in the riverside suburb of Maylands, joining the trend to move apartment developments out of the city into the eastern riverside precincts.
The 5216 square metre lot on Fourth Avenue East was purchased for $3.6 million.
Mirvac Fini development manager Brett Draffen said the site had a zoning of R50 and would be subdivided into 13 lots for quality housing.
Mr Draffen said that, within the eastern precinct, there were many undervalued waterfront sites, and that this site was well located and had natural amenity.
Several apartment developments are due to come on line in the coming years in this new development corridor.
Developments in the area include Finbar’s 300-apartment project Hill 60 at Rivervale, Great Victoria Corporation’s Balneum Apartments, a 106-apartment development in Belmont, and Mirvac Fini’s $700 million Penisula development, next door to Burswood.
FPD Savills selling agent Marcus Gilmore said the area attracting the most development interest was the Belmont and Rivervale precinct, going through to Ascot Waters.
“It is so close to the city but it is undervalued,” he said.
“There is very strong demand for riverfront property.”
Mr Gilmore said there were limited development opportunities on the western side of the river, and that demand for apartment product was ‘supply led’.
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