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Oracle joins niche group

NEWCOMER to the Perth residential development industry, Oracle hopes to make a splash with its first project 1324 Hay Street, West Perth.

Oracle comprises a joint venture between one time Fini Group managing director Warren Lance and the Pye family, a hospitality group that owns the Quest Apartments franchise and six Best Western Australia banners.

Mr Lance said the development group had a number of projects in the wings, including a 100 serviced apartment development near the airport and a resort-style development in Margaret River.

He said the group had planned to develop more serviced apartment hospitality-style projects but the uniqueness of architect Andrew Campion’s 1324 Hay Street design had appealed to the syndicate.

“The style of the apartments and layout is different to most on the market,”  Mr Lance said.

“It has an open sort of feel … and there has been a focus to get a lot of light into the building.

“It has a nice mix of what blends with the surroundings but is still sharp enough to say it’s new.”

The development will contain 19 one and two-bedroom apartments priced from $240,000 to $500,000.

Mr Lance said there was a growing trend towards one-bedroom apartments with a number of other developments in Perth successfully selling their one-bedroom components.

He said they wanted to deliver something that was customer driven rather than development driven.

Limnios Property Group executive director James Limnios said it was unusual for a residential development in this price bracket to have such a focus on outdoor living.

Mr Limnios said the 81 sqm apartments had a large 25 sqm balcony whereas the usual size found on the market was usually around 10 sqm.

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