The property fund is planning a $13 million luxury townhouse development across the three adjoining lots.
Westbridge Funds Management has bought three Como properties for $3.2 million, with plans to build a $13 million luxury townhouse development across the adjoining lots.
The West Perth fund manager and developer has bought 37 Ley Street from the public trustee for $850,000, and 39 Ley Street for $1.05 million from Glenleigh Corporation Pty Ltd.
In addition, Westbridge bought 16 Philp Avenue from Wendy Elanor Hughes for $1.3 million.
The adjoining lots total 2,379 square metres and were acquired via on- and off-market processes, with the Philp Avenue asset settling last month.
The developer plans to build an 11-unit luxury townhouse development on the site, valued at an estimated $13 million.
Westbridge Funds Management chairman Damian Collins said the development would be the sole asset of the fully-subscribed Westbridge Como Fund.
He said the Philp Street purchase allowed the proposed development to grow from six townhomes to 11.
“The off-market purchase of a third site at Philp Avenue has been a significant milestone for the Westbridge Como Fund,” Mr Collins said.
“It not only creates a more functional lot size, it also provides the scope for the construction of an additional five townhouses, which will substantially increase the yield for fund investors.”
Westbridge Funds Management head of development Philip Anderson said the Como development formed part of the group’s broader plan to target the missing middle of Perth’s housing market.
He described that missing middle as “luxury townhouse product appointed to the highest possible standard in a premium location”.
“This product is in extremely limited supply, especially across the city’s most exclusive neighbourhoods,” Mr Anderson said.
Westbridge has built townhouse projects in Dalkeith and Booragoon, and is in the planning phase of projects in Cottesloe and Applecross.
