BOUTIQUE property developer Urban Concepts has acquired two adjoining homes on the South Perth foreshore for $8.25 million.
Urban Concepts plans to develop seven luxury apartments on the 1,840 square metre site at 23-25 South Perth Esplanade, and with the R80 zoning could build up to 13 units.
Urban Concepts director Henry Betlehem said the key to developing the site would be in quality, not quantity, and that the company would develop the best riverfront project South Perth had ever seen.
“This really is the best riverfront development site available in Perth and therefore we want to create a landmark building, not just another apartment complex that maximises its potential yield,” he said.
“We have commissioned award-winning architect John Colliere of CMP Architects and we are extremely excited by the possibility of creating a project that is unique and represents the best lifestyle option that Perth has to offer.”
Mr Betlehem said demolition would commence later this year subject to City of South Perth approval, with a 12-month construction period to start in early 2005.