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 was granted from City of Melville with standard permit conditions. 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.

Construction

Construction is forecasted to commence in March 2023.

Marketing & Sales

The hard sales launch has now commenced including social media advertising, Google Ads, EDM campaigns, billboard advertising and advertisements within the local newspaper. 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.