Perth-based builder Jaxon has been contracted to build an $18.5 million apartment project in Midland, the first development by ASX-listed Mustera Property Group.
The development, Victoria Quarter, will be located at Lot 803 Foundry Road, which is in Midland’s historic railway workshops precinct.
Mustera’s subsidiary, Sterlink Development, is proposing a four-storey, 70-apartment project with five ground floor commercial or retail units.
Work is expected to begin later this month, with completion scheduled for December next year.
“We are excited to have won a role on this ground-breaking urban renewal initiative and we look forward to working closely with Sterlink to deliver a quality product,” Jaxon general manager Mark Kepplinger said.
Mustera said in an announcement to the ASX that 60 per cent of the apartments in the complex had already sold, with high levels of interest in the project driven by the recent release of the final Midland Master Plan by the state government.
The developer is also advancing plans another apartment project, also of around 70 apartments at an adjacent lot, which it acquired earlier this month.
“Mustera believes that with the existing and future infrastructure and public amenity on offer, Midland is on track to becoming a sustainable strategic metropolitan centre, which will service the greater population east of Perth’s central business district,” the company said in a statement.
Mustera also owns plots of land in East Perth, near Claisebrook Cove, and in Rivervale, where it is also exploring plans for apartment developments.
The company listed on the ASX late last year following completion of a $2 million IPO, priced at 20 cents per share.
Executive director Nicholas Zborowski has around 15 years’ experience in property development and fund management, primarily with Sydney-based Quintessential Places and Charter Hall.
At 10:20AM, WST, Mustera shares were trading at 28 cents.
