THE reinvention of Subiaco continues, with two major office and residential projects, worth a total of $8 million, under construction.
Work has started on Le Bureau, a $4.5 million mixed residential and office development on Churchill Avenue, and on a $3.9 million office and retail development at 50 Subiaco Square.
The Le Bureau project, which recently gained approval from the City of Subiaco, consists of 16 commercial suites and four residential loft apartments.
Property marketing group Asset Special Projects director Tim Willing said demand for office space near the city was extremely solid and had led to
a strong interest in the new project.
“Demand in the Subiaco precinct is at an all-time high for both business and residential properties,” Mr Willing said.
“The market interest is proven, with all of the residential apartments as well as eight of the commercial suites already sold.”
Among those to have purchased commercial suites are an architectural practice, a building company and a human resources firm.
The commercial suites range in price, starting from $79,000, and the loft apartments sold for $250,000.
Construction is expected to be finished by February next year.
Broad Constructions has a $3.9 million building contract for the Subiaco Square development which combines 1540sqm of office space and 500sqm of retail and café space.
The development is being undertaken by the Subiaco Square Joint Venture as part of its overall Subiaco Square project.
The new development has been touted as the office centrepiece of the Subiaco Square project which, once developed, will have an estimated value of $100 million.
Project management firm Clifton Coney Stevens has already committed to 600sqm of office space.
