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Investment Opportunities
The 40-hectare Riverside project presents a unique and exciting investment opportunity in Perth. With continued strong population growth, low vacancy rates, high demand and an increasing trend towards inner-urban living, the Riverside project will transform the way we live and work in the city. Reports from the Property Council of Western Australia show that the resources boom has driven office vacancies in the CBD to drop from 7.8% to 3.3% over the past six months. With only a handful of small developments planned over the next two years and predictions for vacancy levels to drop even further, the Riverside project presents an excellent opportunity for developers.
Riverside will attract up to 6,000 new residents and 1,700 new employees. It is expected to involve up to $130 million investment from MRA and approximately $750 million from the private sector to deliver a mix of residential, commercial and public domains to capitalise on the unique setting.
Development in the Queens precinct, the first stage of the project, is well underway with the $450million Queens Riverside development by Frasers Property Group, a new urban quarter combining apartments and townhouses and commercial space with a new retail precinct, dining experiences and public open places. Frasers Suites Perth, a 236-suite luxury hotel is the first development planned for the site and is scheduled for completion in 2012.
MRA has commenced works at the Waterbank site which will be handed over to developer, Lend Lease. This four-hectare site is Perth’s first significant CBD river edge development opportunity since the 1990’s, offering scale, diversity and a flagship location. By incorporating innovative design and world-class architecture, the Waterbank Precinct will become a major visitor destination.
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