The East Perth Redevelopment Authority has sold two of the last remaining mixed-use lots in its New Northbridge redevelopment to one of Australia’s leading property developers, Finbar International.
The sale of Lots 406 and 407 Newcastle Street, which are 1072m2 and 1055m2 respectively, caps off a successful 12 months for the East Perth Redevelopment Authority, which has achieved record sales results for the area.
The cultural diversity, colour, excitement and round the clock buzz of living and working in New Northbridge is proving increasingly attractive for many people. The two Newcastle Street lots were particularly attractive because they are strategically located diagonally opposite a future supermarket and residential complex, next to Central TAFE and the Perth Cultural Centre, as well as walking distance of the CBD and Northbridge’s famous dining, entertainment and cultural facilities.
East Perth Redevelopment Authority CEO Tony Morgan said it was testament to the success of the project that leading developers like Finbar kept coming back to the New Northbridge.
“Finbar purchased two lots on Lake Street, Northbridge in May 2006 and the sale of the Newcastle Street lots to the same high calibre developer demonstrates the increasing value and demand for retail and apartment space in the New Northbridge,” Mr Morgan said.
“While Northbridge has long been the cultural and entertainment heart of the city, recent high quality residential developments together with stunning new commercial projects are turning Northbridge into a cosmopolitan precinct.
“We recently set a new sales record for vacant mixed-use land in the area of $1,889 per square metre, with the sale of five smaller lots across the road in November and the price achieved for the Newcastle Street lots is on par with that,” said Mr Morgan.
Finbar will develop its Lake Street lots into a 31 apartment and six commercial space development, while the Newcastle Street development has the potential for three storey mixed-use buildings with commercial or retail on the ground floor and residential on the upper levels.
Finbar Executive Director Rick Rimington said the company was delighted to have won the tender.
“We’re looking forward to adding to the future redevelopment of Northbridge, of which we are already a part of after successfully tendering for two other lots in Lake Street early last year," he said.
Development is expected to commence on Lots 406 and 407 Newcastle Street in early 2008.
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