New apartment project in the planning phase

A RESIDENTIAL development on the outskirts of the central business, valued at $26 million, is set to make Northbridge the new focal point for inner city housing projects.

Located on Beaufort Street, the joint venture project between Strategic Acquisitions and landowner Cleve Hassell will result in 150 one and two bedroom apartments being built on a 12,600sqm block.

Plans for the Beaufortia Gardens development will be considered for approval by the Town of Vincent at its next council meeting on May 3, however Strategic Acquisitions design and acquisitions manager Phillip McQueen is quietly confident the project will be given the go ahead.

The land, valued at $12 million, was on the market for several years and although it generated much interest from developers, it failed to attract a buyer.

Under the joint venture deal Mr Hassell retains ownership of the land while Strategic Acquisitions will design and build the apartments.

Mr McQueen believed the project to be a trendsetter and expected others to start in the area within months.

“Other residential developments will start to move into the area soon, and prices for land and housing will then go up,” Mr McQueen said.

“Just look at East Perth. Five years ago a lot of people would wonder why anyone would want to live there and now there are few apartments under $300,000.”

Mr McQueen estimated townhouses set to be built on land above the Northbridge tunnel would be sold at around the $500,000 mark.

Apartments in Beaufortia Gardens would be in the $180,000 to $200,000 price range, he said.

The project has been in the works for eight months and, if approved, the first residents will move in by the end of next year.

The first stage of the three-stage project will face Beaufort Street and will be a four-storey building with a ground floor of live/work apartments and three storeys of single bedroom dwellings.

Mr McQueen described the live/work apartments as having a main office or shop fronting Beaufort Street with living areas at the rear.

Four three-storey apartment buildings with one and two bedroom apartments would also be constructed on the block.

Mr McQueen said the company was prepared to be flexible in terms of the size and design of the apartments.

“We will go with what the market wants, if they want more budget apartments then we will build more of those,” he said.

“We are not locked into a specific design.”

The apartment buildings border 3000sqm of botanical gardens along with resident entertainment facilities and a 25m pool.

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