Competition for Centro North hotting up

The final stage of the sales process for Centro North in Subi Centro is almost complete with the request for detailed proposals from short listed developers closing in two weeks on 4 March, 2010.

Four high profile local developers have been short listed to submit a detailed proposal for one or all three of the Centro North lots.

The developers must prepare proposals which include detailed architectural concepts, perspectives and purchase price. Developers are also required to demonstrate urban design excellence within in a contemporary, inner-urban context.

Jones Lang La Salle National Director Capital Markets John Williams said competition for the three lots is very healthy and heartening for the market.
 
“The interest in this project represents a renewed sense of optimism and definite signs that the market is not just bouncing back but it is really grabbing the bull by the horns,” Mr Williams said.

“The developers have recognised the value in being located in the highly successful Subi Cento project which is recognised as one of the best transit oriented developments in Australia.

“The proximity to the hospital means the ground floor commercial spaces will be appealing to health services and consultants which will create a complementary mix with the residential and retail areas in Subi Centro.”

“Subi Centro is a proven investment opportunity in one of Perth’s most sought after living and working destinations and the December 2009 quarterly figures released by the Real Estate Institute of WA (REIWA) confirms this,” said Mr Williams.

For the December quarter Subiaco experienced a 9.1% increase in median unit values, almost three times higher than the average increase across the Perth metro area at 3.3%. The average annual increase over five years was also higher in Subiaco at 12.4%.

The three sites are mixed use, for residential/commercial/retail development and they offer an outstanding opportunity for landmark developments in one of the very last prime development sites in Subi Centro:

• Lot 1 Station Street 3,398m2
• Lot 2 Station Street 2,157m2
• Lot 3 Wexford Street 1,570m2

Subiaco Redevelopment Authority (SRA) Acting CEO Sean Henriques said the one hectare former TAFE site on the corner of Station Street and Salvado Road will benefit the community by creating new living and working opportunities as well as a direct pedestrian access from St John of God’s Hospital, via the Subiaco Square retail arcade to the Subiaco Train Station.

“Centro North will also create important view lines to the heritage listed St Joseph’s Church and provide two new public spaces including a vibrant urban plaza and a quiet pocket park. 

“This is a unique and highly sought after area and for that reason SRA anticipates that the developers will offer something special and befitting the location in their detailed proposals.

“We are receiving regular calls on the SRA’s Community Information Line from people wanting to buy an apartment at Centro North so we expect demand will be high for the successful developer or developers,” said Mr Henriques.

Subi Centro continues to lead the way as a sustainable inner city suburb providing a quality urban lifestyle for a diverse range of people.

The next development sites at Subi Centro will be released at the Australian Fine China (AFC) site offering a range of high quality residential and commercial developments which will be pitched to a national market place in October 2010.