The Mustera Property Group development received unanimous support at a joint development assessment panel.
Mustera Property Group’s $80 million proposal to build an eight-storey apartment building in North Fremantle has been approved at a joint development assessment panel today.
The investment company’s 42 apartment project at its office site at 15 McCabe Street received unanimous support in a decision that took the metro inner-south JDAP just 17 minutes.
The proposal, lodged in January this year, comprises four one-bedroom dwellings, 17 two-bedroom dwellings, 18 three-bedroom dwelling and three four-bedroom penthouses.
The MJA Studio designed project adds to a growing list of projects in North Fremantle, and is next to Gary Dempsey Developments’ Siskas apartments and Megara’s Serai apartments.
The development has an estimated construction cost of $46 million and end value of $80 million.
The application said the proposed building height would integrate appropriately among the seven-storey Siskas to the west, and the eight-storey Serai to the east.
"Fifteen McCabe Street will fill the missing piece between Serai & Siskas Apartments by providing a responsive apartment building that enhances its surrounds and community," it said.
"The project team strongly believe that the proposed development will make an excellent contribution to McCabe Street and will be the final piece to ‘complete the puzzle’ amongst the developed and approved adjacent developments."
The project is estimated to be complete in 2024.
Exal Group has also acquired a 33,100 square metre lot on the corner of McCabe Street and Stirling Highway, planning to develop a $500 million development dubbed One McCabe.
The South Perth-based property developer confirmed to Business News it had bought the 140 Stirling Highway site from Guangdai Australia Investment for $44 million in July.
Exal Group said the vacant lot had been left undeveloped for two decades.
Around the corner, 3 Oceans Property's $185 million plan to revamp the former Matilda Bay Brewery and Ford Motors site on 130 Stirling Highway, which was refused at a JDAP today.