A PERTH property consortium has unveiled another inner city living project, a $60 million apartment complex at the eastern end of St Georges Terrace.
Project Planning & Management WA Pty Ltd, fronted by Alfred Naude, plans to convert the Oakleigh Building at 22 St Georges Terrace from a vacant office building into 145 residential apartments.
Fifteen stories will be added to the nine-storey Oakleigh Building, which sits on a large 3352sqm block that extends from the Terrace back to Hay Street.
Earlier plans for the site had involved the construction of a new 15-storey building behind the existing one, however the new plans, recently approved by the City of Perth, will allow for more outdoor facilities for residents.
Complex facilities will include a pool, landscaped gardens, residents’ lounge, function rooms and carparking.
Newly formed property management firm Pro Property is the joint selling agent for the project and principal John Lagdon believes the rejuvenated Oakleigh Building will prove most attractive to owner-occupiers and empty nesters.
“This project is specifically aimed at empty nesters and owner occupiers who don’t want a big house in the suburbs with five bedrooms,” Mr Lagdon said.
“It will be low maintenance and high security so residents can simply lock and leave if they want to.
“There is a lot of talk about oversupply of inner city apartments … but the empty nesters and older owner occupiers are the fastest growing market there is in Australia and they are just not catered for at the moment.”
The apartments will range in size from 110sqm to 140sqm and up to 260sqm for the two penthouses.
Mr Lagdon estimated prices would start from $390,000 and range up to $1.8 million for the penthouses.
Construction on what will be WA’s tallest residential tower is due to start early in the new year, with the first works to involve the gutting of the interior of the existing structure.
John Lagdon and Paul Rogers are the Pro Property joint selling agents with Knight Frank.
