WORK has begun on the first high-rise building to be constructed in 40 years in the Sir James Mitchell Park foreshore area in South Perth.
The old South Perth landmark, the Rhodes Hotel, has been demolished and the site cleared, ready for construction of the $16 million Southbank apartment complex, being developed by a small syndicate of WA business identities.
Due to restrictive covenants in this area of South Perth, the five-level luxury apartment development is going up on one of the last available apartment development sites in South Perth.
The development contains 20 apartments, designed by West Australian architects Hames Sharley, and will be built by Pindan Constructions with a completion date of September 2004.
The location and a shortage of similar quality sites in South Perth have raised market interest in the development. Currently six of the 20 apartments have sold, with the remaining 14 apartments commencing at $725,000.
Real Estate Champions director Mark Jones said the development had attracted interest from older couples and young professionals looking for a property which provides modern facilities within one kilometre of the CBD and river and city views.
“It really is a one-off to find land in this part of South Perth away from the other high-rise developments, surrounded by quality private residences and townhouses,” he said.
“The views are spectacular, with the sought after northern outlook to the city skyline.”
Further up the river, Multiplex’s Raffles Hotel apartment development has recently sold out, despite any decision yet to be made about the height of the building.
Multiplex has to wait until September for a 14-day trial with the Town Planning Appeal Tribunal to find out whether it must reduce the size of its tallest residential tower from 17 storeys to 15 storeys.
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