Pyramid wins Mindarie apartment contract

Construction has started on a $20 million apartment building in Mindarie, after the developers acquired the land at one-third of its previous sale price.

Stirling Capital bought the 2,364 square metre waterside plot for $2 million, after the previous owners bought it for $6.25 million.

Stirling Capital director Luke Reinecke said while timing of the sales had affected the price, Stirling Capital had also done its research and identified the area as a strong market.

Pyramid Construction has started work on the site on Bristol Lane near the marina, which will have 44 one and two bedroom apartments and be five storeys tall.

The building, which was designed by architects McDonald Jones, is two storeys taller than the highest buildings in the area.

At its peak the project will have up to 70 workers on site and construction is estimated for completion in October 2014.

Blackburne Property Group Director Paul Blackburne said all 44 apartments within the development, named The Marina, sold within a week of being released.

"This is a good example of the resurgence of the middle of the market," he said.

Mr Reinecke said the development was targeting a 6-star environmental rating and many of the apartments would have panoramic views over the Indian Ocean and the marina.