16/01/2007 - 22:00

North Fremantle in zoning transition

16/01/2007 - 22:00

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Occupying rare earth between the Swan River and the Indian Ocean, North Fremantle’s industrial precinct is the target of an urban rezoning push, which has local landowners calling in the architects.

North Fremantle in zoning transition

Occupying rare earth between the Swan River and the Indian Ocean, North Fremantle’s industrial precinct is the target of an urban rezoning push, which has local landowners calling in the architects.

Much of the action is occurring along the North side of McCabe Street and its intersection with Stirling Highway, which is dotted with a number of vacant lots, small businesses and ageing industrial warehouses such as OneSteel and Rolly Tasker sails.

The Western Australian Planning Commission is expected to amend the metropolitan region scheme shortly by changing a total of 4.5 hectares of industrial zoned land including that occupied by OneSteel and Rolly Tasker sails into urban zoned land.

In addition, the WAPC is considering a separate urban amendment proposal nearby for 1.4 hectares of land, currently zoned parks and recreation, on the Western side of Stirling Highway opposite OneSteel.

Increasing urbanisation in this vicinity is not new as rezonings in the past few years have resulted in the development of Buckland Hill estate and Minim Cove Mosman Park, between McCabe Street and the Swan River, by the state government.

Still on the North Fremantle scene following his involvement with the Minim Cove project as a joint venture developer, Perth businessman Michael Hodgson is holding on tightly to the OneSteel site he purchased five years ago with plans to redevelop the 3.1 hectare site himself.

The Nookenburra Hotel Innaloo owner told WA Business News his company Octennial Holdings was eagerly awaiting the amendment outcome before deciding what path to take.

Mr Hodgson said it was likely it would refine an existing structure plan for the 140 Stirling Highway site comprising both low and high-density mixed-use housing and commercial units framed by an interactive streetscape.

Meanwhile, his neighbours are planning housing projects of their own.

It is understood the new owner of a 6,055 square metre development site next to OneSteel is in a joint venture partnership with the family of yachting identity Rolly Tasker to develop another major mixed-use residential project in the street across two lots.

Knight Frank sales agent Graeme Kiddey confirmed the Lot 4 McCabe Street development site had recently sold for $9.53 million and would be developed together with the Rolly Tasker site on its eastern side.

Working in the riverside locale since 1992, Mr Kiddey said land in this location rarely came onto the market and the price achieved for this lot had set a benchmark.

“When McCabe Street is built out I doubt you’ll get change from a million dollars for apartments there. When they do come onto the market we’ll be talking between $10,000/square metre and $15,000/ sq m for views and between $2,200/sq m and $3,000/sq m without,” Mr Kiddey claimed.

Likely to cause the biggest impact on property values in the area is the two hectare Leighton Beach development by Mirvac, which is due to begin work in August on mixed-use residential village of 170 apartments and terraces, hotel, restaurants, cafes and shops on the former railway marshalling yards.

The coastal village will be surrounded by up to 13 hectares of proposed landscaped parklands, picnic areas, grassed terraces and playgrounds and is expected to go to market before July this year.

Fremantle Mayor Peter Tagliaferri said there existed plenty of market pressure to convert North Fremantle into a residential enclave; however, council remained very cautious of gentrifying all of North Fremantle.

“The residential infill along McCabe Street is already flagged in our Town Planning Scheme. What we don’t want to get is a generic residential enclave there,” Mr Tagliaferri said.

“What makes it a diverse place is having the industry nearby like Matilda Bay Brewery and Dingo Flour which are staying put for a few years yet.”

Public submissions on the latest amendment for East Leighton will be accepted until Friday April 13.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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