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Number’s up for 188

NUMBER 188 Adelaide Terrace will soon be facing the wrecker’s ball following council approval for a $15 million residential development.

Selling agent Frank Knight said the building would include a variety of one, two and three-bedroom apartments starting at the cheaper end of the market and increasing in cost for the high-rise apartments with views.

Spowers Architects have developed the design for the building, which will include a commercial tenant at ground level.

Knight Frank commercial sales negotiator Tony Delich said the development on 188 Adelaide Tce was one of a number of new residential developments at the eastern end of the CBD.

“It’s obvious that the area is changing from traditional offices to a more residential-based area because the demand is there,” he said.

“It’s almost like an evolution happening.

“The next stage will be things to cater for those people, like shops, cafes and mini supermarkets.

“But you need a critical mass for that to happen, you can’t have the shops until you have the people.”

Real Estate Institute of Western Australia public affairs director Lino Iacomella said the pattern of residential development in Perth was typical of what’s occurring throughout Australia.

“On the margins and even in the core (of the CBD) there’s an increase in the number of residential developments,” he said,

There are several reasons cited for this increase, including increased investor confidence following a decade-long surge in inner city development.

“Recently it’s picked up on the back of the successful developments in other city areas like East Perth and West Perth,” Mr Iacomella said.

“There are unique opportunities for river views, which is also attractive to residential developers.”

He said commercial property owners in the city also were branching out into residential development.

“Commercial property in Perth is a much larger field and there is a concentration of demand for prime areas, so owners of property in the CBD are seeking out as many alternatives as possible,” Mr Iacomella said.

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