The subject property is located at 5 Macrae Road, Applecross, Western Australia. This location is an affluent riverside suburb of Perth bound by the Canning Highway and Swan River. It is anticipated the development scheme can deliver 5 townhouses. This will be a mix of 3-bedroom x 2 bathrooms and 4-bedroom x 3 bathrooms.

Planning

Development Approval granted from City of Melville with standard permit conditions.
The detail design documentation is 80% complete upon receiving development approval.

Construction

Construction is forecasted to commence in mid-October 2022.

Marketing & Sales

Sales soft launch commenced in May 2022. A hard sales launch is now expected for late August 2022. The strategy is to have a premium product offering high revenue rates and lower yield compared to larger apartment projects within the area. There is sufficient sales evidence to suggest the adopted revenues will be within valuation assessed values.