Qube buys $5.5m infill project

Qube Property Group has acquired a land infill project in the City of Gosnells valued at $5.5 million, earmarked for affordable housing.

An ASIC document shows Nedlands-based company Epoque, jointly owned by Charles and Gillian Tucak, formerly owned the 4.22 hectare lot for more than four decades. 

The Subiaco-based property developer yesterday announced it intended to subdivide the land to construct 58 lots at 450sqm by 375sqm. 

The sale attracted keen interest, as registrations of interest closed 90 minutes after opening, according to Qube.

Located within 20 kilometers of the CBD, Qube said the acquisition was expected to keep the region's 10.7 per cent property growth trend afloat. 

Pre-existing housing was found on the eastern and northern parameters of the lot which fronts the southern river. 

Qube managing director Mark Hector said the construction of affordable housing could be expected for homebuyers. 

“The average cost of properties in this location is generally at the more affluent end of the first homebuyer market where we are currently seeing low supply and significant and ongoing demand,” he said. 

In addition to a short development time frame, Mr Hector also added the geographical proximity provided investors with supplementary value. 

“The site appeals on a number of fronts for us and our investors,” he said. 

“It can be readily serviced from existing adjoining infrastructure, is well serviced by public transport, a five-minute drive to Gosnell's train station and well connected to major arterial roads such as Tonkin Highway.” 

The acquisition follows a joint venture contract between Qube and a family group to develop a 491-hectare residential estate in Bullsbrook.