Subiaco-based property syndicator, Australasian Property Investments Pty Ltd, is preparing to move ahead with a major mixeduse development in Subi Centro, having settled its $20.4 million acquisition of the site formerly owned by refrigeration company Arc
Subiaco-based property syndicator, Australasian Property Investments Pty Ltd, is preparing to move ahead with a major mixeduse development in Subi Centro, having settled its $20.4 million acquisition of the site formerly owned by refrigeration company Arcus Australia.
The 7,900 square metre block, which has frontages on Roydhouse and Hood streets, is adjacent to two other properties bought by API last year for $7.6 million.
The company plans to build a mix of retail, residential, strata office and leased office space on the combined holding, which totals 9,900sqm.
API director Adam Zorzi said plans for the building were at an early stage, with a demographic study of the area yet to be carried out.
“At the moment, we’ve got a scheme for the site that contains 7,000sqm of leased office space, 70 apartments and 3,000sqm of strata office and retail space,” he said.
“The Subiaco Redevelopment Authority also wants to open up the area and create a public space, with a pedestrian linkage between the two streets.” API has recruited architecture firm Bollig Design Group and planning group Roberts Day for the project, and intends to conduct an interstate and overseas study tour of urban renewal projects before finalising its design.
Mr Zorzi said the company had recognised an opportunity in Subiaco to build more office and residential space on what was one of the few remaining potential development sites in the Subi Centro area.
“Roydhouse and Hood streets are really the last two quasi-industrial streets left,” he said.
“The attraction for us was that the site’s only a 150- metre walk to the train station, and it has all the amenities of Subiaco.” It’s the second major project currently being undertaken by API, with the group having led a syndicate that recently bought the White Sands Hotel site in Scarborough.
Plans for a redevelopment of the site are on hold pending approval of a planning scheme amendment, lodged by the City of Stirling, which is currently before the WA Planning Commission.
Under the amendment, which would rezone the eastern side of West Coast Highway, the White Sands site would have a height limit of 12 storeys.
Mr Zorzi said that, while API hoped to build a residential development on the Scarborough site, including some short-stay units, plans would not be prepared until the outcome of the amendment was known.
API is also partnering with Multiplex on a town centre develop ment in the City of Swan’s Vale subdivision, which will contain a shopping centre and some office stock.
In total, the company has a portfolio of property worth about $300 million in greater Perth.
Much of this is office or retail stock in Subiaco, Perth CBD, Joondalup and Myaree, in addition to several properties on Kings Park Road in West Perth.
API also has a small portfolio of industrial land, part of which it offloaded this month with the $14 million sale of a 1.7 hectare bulky goods site in Canning Vale.