Another prime mixed-use lot has been released to tender in Midland amid a booming commercial and residential property market in Perth’s north-eastern corridor.
Another prime mixed-use lot has been released to tender in Midland amid a booming commercial and residential property market in Perth’s north-eastern corridor.
Midland property values have soared by 24.3 per cent in just 12 months following the state government’s $400 million investment commitment in the redevelopment and renewal of the area.
The 2,194 square metre site on the corner of Cale Street and The Crescent has a wide frontage to Juniper Gardens and is across from the expanded Midland Gate Shopping Centre.
Midland Redevelopment Authority chief executive Kieran Kinsella said development applications and leasing enquiries for the lots in The Crescent and Juniper Gardens sold earlier this year and had exceeded all expectations.
“Developers seeing Midland for the first time are impressed with its historical character and the quality of the new infrastructure, including public open spaces and artworks,” he said.
The MRA is overseeing a major renewal project of the Midland town centre and the railway yards and expects to attract more than 1,500 new residents to the area once developments were complete.
Developers are planning up to 100 apartments and about 7,500sq m of commercial space including restaurants, cafes and a wine bar on new subdivisions created by the MRA.
Mr Kinsella said the area around Juniper Gardens would be Midland’s prime entertainment area and its best central residential address.
Midland is also proving to be an attractive commercial hub with a 24,000sq m Midland Central development at the railway yards already attracting tenants, including Freedom Furniture, Officeworks, Bedshed, Capt’n Snooze, Classique, Ranger Camping and The Good Guys electrical store.
Joint venture partners Linc Property Group, backed by John Poynton, and Satterley Property Group, started development of the site in November last year and attracted 40 per cent of tenants prior to commencement.
Satterley Property Group chief executive Nigel Satterley said Midland Central was the largest single-stage bulky goods and homemaker centre in Perth, and had received a huge response from interested parties.
“The Midland regional centre has been under-serviced for a long time. Growth in the areas of Ellenbrook, Vale and surrounding foothills has created the need for a major bulky goods and home-maker centre to service these communities,” he said.
Adjacent to Harvey Norman and close to Midland Gate Shopping Centre, the new 4.6 hectare Midland Central development has set new benchmarks for commercial rent prices in the area with tenants paying an average of $175/sq m.
Other developments include a new police complex for 1,000 officers and staff, and plans for a $182 million regional hospital opposite Midland Central with potential for 326 beds.
