Pleasant outlook for completing projects

THE final stages of Mirvac Fini’s East Perth hotel and apartment development are underway and will complete more than a decade of redevelopment that has transformed East Perth.

The South Cove development, The Sebel Residence, is a 57-room hotel with 18 luxury apartments, and eight commercial outlets including East Perth’s first bar and brasserie complex.

The $30 million development has street frontage on Royal Street and faces the waterfront at Claisebrook Cove.

According to Mirvac Fini development director Evan Campbell there has been strong interest in the developments but, aside from the recent sale of commercial lots, the apartments will not hit the market until the project is completed in late August.

“The luxury apartments are aimed at the owner-occupier market and they want to touch and feel the product,” he said.

“This is also the first 100 per cent designed and HBA (in-house Mirvac architect) architect built development by Mirvac Fini, the first since the two years that we have been in WA.

“We are extremely confident that it will be well received in the market place.”

Mr Campbell said the use of in-house Mirvac interior designers and architects had a noticeable effect.

“They are edgier apartments and more contemporary. If it were under Fini [when this type of work was outsourced] it probably would have been Mediterranean, which is very nice but this is more cutting edge,” he said.

The apartments start from $290,000 and peak around $1 million for one of two penthouses available.

The complex includes a gymnasium and outdoor lap pool, barbecue and decking area, which are amenities shared with guests of the Sebel Residence hotel rooms.

Mirvac Fini sales and marketing director Peter Gianoli said the hotel rooms would suit visitors who were staying for more than one or two days.

“Mirvac Hotels have contracts in place with organisations such as the Australian Cricket Board and cricketers all stay with Mirvac. The Channel 7 crew stay with us and this sort of a design suits those people. Families can come visit, there is a kitchen, and there is maximum use of space,” he said.

Mr Campbell said companies that sent project teams to work in Perth would also be potential long-stay visitors.

The commercial residences have been sold prior to the completion date in order to have fitouts finished before residents move in.

Commercial tenants include operators of a restaurant/cafe, bar and brasserie, coffee shop, settlement agent, travel agent, and a relocating advertising agency.

Mr Gianoli said he was surprised that the commercial lots were sold within a two-week period.

“One of those is a coffee shop that faces Royal Street and will be a Cino to Go style of store,” he said.

While he would not say which advertising agency was relocating to the 600 square metre site, Mr Gianoli revealed that the purchase price was $600,000.

While the completion of the South Cove development signals and end to work in the East Perth area Mr Campbell said he believed there was plenty of development growth of medium to high-density housing in WA.

“There are tremendous opportunities for us. There is an ageing population that is seeking alternative homes to the big house in the suburbs,” he said.

The group will build a 32 owner-occupier apartment complex on the river and will finish its development of the Bunker Bay five-star resort in February next year.