Northbridge precinct develops nicely

As the first stages of the Northbridge Link project get under way, a number of developments in the East Perth Redevelopment Authority’s New Northbridge precinct and surrounds are due for completion in the next 12 months.

Property developer Finbar Group Ltd has nearly sold its Circle apartments project at 89 and 98 Lake Street, which is due to be finished in December.

The company generated close to $5,700 per square metre for the combined residential and commercial space, with all 31 apartments and three of the six commercial lots sold.

At 406-407 Newcastle Street, Finbar is about to begin another mixed-use development, containing 28 apartments and six commercial units, most of which have holding deposits.

The company expects to achieve gross sales of about $25 million. 

An adjacent lot has also been sold and is being developed to contain a three-storey commercial development.

Psaros Property Goup’s joint venture project with Luke Saracini, Tyne Square apartments, is due to be completed in June next year, although all 83 apartments have been sold.

Located on the corner of Beaufort and Newcastle streets, the project is about one third complete, with four retail tenancies currently being finalised.  

Psaros’ Concourse apartments project has also been completed. When combined with its other projects on Stirling and Newcastle streets, this brings the total of new apartments in the area to 183.

Nearby, Central TAFE’s $50 million expansion is expected to be ready for its 2010 student intake, although its new print and design building has been complete for several months.

In addition to the new office supply being created in mixed-use developments, some refurbished stock will come on line in the next few months.

A four-storey building at 82-86 James Street, formerly occupied by the Commonwealth Bank and used for a computing centre, is about to undergo a major refurbishment.

The building, which has been vacant for a number of years, contains three upper floors of about 640sqm each, plus a ground floor that will be retained by the building’s owner and converted into an alfresco cafe.

The refurbishments are expected to be completed by May.

The balance of EPRA’s residential program in Northbridge also should be finalised this year, according to Knight Frank’s Graeme Kiddey, who is managing the sale of several lots in the area.

Three heritage-listed cottages on Money Street are to be auctioned next month, along with a vacant 236sqm block.

Similar cottages on Lindsay and Lake streets were sold in October last year for $800,000 and $1 million, respectively, although the latest tranche are on smaller blocks. 

EPRA also recently approved developments for two not-for-profit groups.

Women’s Health Services will restore a cottage at 370 Newcastle Street, while accommodation provider Foundation Housing is building a 50-room lodging house at number 371.

Meanwhile, at the northern end of William Street, the Town of Vincent’s $2 million upgrade project is under way.

While the council is still negotiating the demolition of several buildings on the strip, paving and underground power works are progressing.

According to Town of Vincent Mayor Nick Catania, plans to convert the street to two-way traffic are also being finalised.

Mr Catania said that, following ongoing discussions with EPRA and the City of Perth, a decision was likely to be made in the next few months.

Back towards the city, several buildings on the eastern side of William Street, between Roe and Aberdeen streets, have been zoned as part of the Perth Cultural Quarter precinct and are awaiting development.

New Northbridge, which covers 27 hectares of land made available through the construction of the Graham Farmer Freeway tunnel, will contain 460 new residences when complete.

The precinct is divided in two tranches, covering an area from Lord Street to Fitzgerald Street, between Parry and Aberdeen streets.