The State Government will develop four mixed-use sites in Northbridge into rental units, being sold via a two stage nation-wide expression of interest process, Planning and Infrastructure Minister Alannah MacTiernan has announced.
The State Government will develop four mixed-use sites in Northbridge into rental units, being sold via a two stage nation-wide expression of interest process, Planning and Infrastructure Minister Alannah MacTiernan has announced.
The State Government will develop four mixed-use sites in Northbridge into rental units, being sold via a two stage nation-wide expression of interest process, Planning and Infrastructure Minister Alannah MacTiernan has announced.
The full text of a Ministerial announcement is pasted below
The State Government has unveiled an innovative model to increase rental housing in the inner city.
Planning and Infrastructure Minister Alannah MacTiernan announced today that four mixed-use sites in Northbridge would be developed with the potential to provide 52 long-term rental units.
"The sites, at the former Auto Masters site on the corner of Newcastle and William Streets and further east on Newcastle Street, will be sold by the East Perth Redevelopment Authority," Ms MacTiernan said.
"We believe there is a niche in the market, where long-term property investors, such as superannuation funds and property trusts, could take on the sites which combine rental income with capital growth over the medium to long-term.
"This model represents more than just financial return from the sites - it is about improving accessibility and availability of quality and diverse rental accommodation."
The mixed-use sites will allow ground floor commercial or retail tenancies and residential units to be built above and will range from three to four storeys.
The model will allow the sale of the ground floor commercial tenancies as well.
The Minister said the East Perth Redevelopment Authority's planning controls would guide the development and ensure a quality built form outcome. Rents would be at market rates.
"It is important that we achieve a balance of accommodation in the State Government's urban renewal projects and this model is an extra way of doing this," she said.
The first four sites will be brought to market in the next week and will be sold via a two stage nation-wide expression of interest process.
The first stage in the process will see investors registering an interest in the proposal and submitting an indicative price, while the second stage will shortlist investors and consider price and design.
The developments will be subject to completion programs and are expected to be completed in 2011.