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
During the design development stage, the team have had to submit traffic management plans into council for approval. The remaining conditions under the permit will be required prior to commencing onsite.
The design is now at 80% documentation with NCC compliance being accepted from the building surveyor. The drawings have been submitted for council endorsement, and the Building Permit application submitted.
Construction
Due to the delay of the building contract being executed, construction is forecasted to commence in September 2023.
Marketing & Sales
The hard sales launch has now commenced including social media advertising, Google Ads, EDM campaigns, REA and Domain advertising.
1 x townhouse has been sold in the month of May.
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.
