- LandCorp has entered into contracts with Stirling Capital for the first three apartment sites at Parkside Walk
- Situated in Jolimont, the development is close to a range of great amenities
- On completion, the estate will feature up to 350 dwellings across seven apartment sites and 24 single residential lots.
The first three developer lots offered at LandCorp’s Parkside Walk in Jolimont are under contract, reflecting strong demand for apartment sites at the new estate.
Western Australian property investment and development group, Stirling Capital has entered into contracts on all three released lots, totalling 6,274 square metres.
LandCorp Chief Executive Frank Marra said Parkside Walk, being developed on a former nursery site, would be a great place to live for singles, couples and families.
“Nestled between Henderson Park, Mabel Talbot Park and Wembley Sports Park, the estate will offer future residents the chance to be surrounded by green parklands, whilst also being close to great amenities,” Mr Marra said.
“Parkside Walk offers proximity to excellent sporting, education, shopping and health facilities.
“Residents will also be a quick bus ride to the city, close to the beach, and one street away from the bustling Cambridge Street café strip.”
Known as the Central Precinct, these three lots are earmarked for high quality residential apartments adjoining the newly created landscaped promenade, with a potential yield of up to one hundred and forty three apartments.
Stirling Capital Managing Director Luke Reinecke said demand to live in the Western Suburbs remained high and Parkside Walk offered an ideal opportunity to deliver a contemporary, well-connected project.
“This is an established, popular suburb in which new development has remained limited. We are excited to be working with LandCorp again to develop another quality urban infill project, with our trademark commitment to sustainability,” Mr Reinecke said.
“Our apartments will have a natural theme in line with the history of the site as a former nursery and the abundant outdoor amenities nearby.
“We will incorporate landscaping features inside and outside of the building, including green links through to the public open space outside.
“The apartments will also be designed to be future-proof, allowing downsizers a lifestyle that will suit them for many years to come.”
CBRE Director of Capital Markets Ben Younger said the fundamentals of Jolimont as a near-city suburb, with access to shops, schools, cafes and other amenities had underpinned interest in the estate.
“Opportunities for developers in this tightly held area are rare, and this was reflected in the strong demand for the first three apartment developer lots at Parkside Walk,” Mr Younger said.
LandCorp's Parkside Walk estate is an initiative undertaken in conjunction with the Town of Cambridge. The development will bring vibrancy to an underutilised site that has been vacant since 1994.
Mr Marra said LandCorp was working collaboratively with the Town of Cambridge to turn the disused site into an exciting community estate. It would eventually be home to up to 350 dwellings, including apartments and 24 single residential houses.
“LandCorp is realising the potential of underutilised spaces to create connected, vibrant urban places,” Mr Marra said.
“We are reinvigorating some of Perth’s most well-established, inner-city suburbs to address the challenges of population growth, which will see our city catering for 3.5 million people by 2050.”
The Parkside Walk development is the first in Western Australia to be certified under EnviroDevelopment’s Multi-Unit Residential Standard, which will result in potential cost savings and a more sustainable lifestyle for residents.
EnviroDevelopment recognised Parkside Walk for its achievements in five areas: water, energy, waste, ecosystems and community.
Together with developers and residents, LandCorp will implement strategies within the estate that will encourage waterwise and energy efficient appliances, water-sensitive gardens, climate responsive design and solar-oriented dwellings.
Mr Marra said the strong developer interest in the first stage of the project was a positive sign for the release of single residential lots at the estate.
The first stage of single residential lots will be released for sale in early August 2017.
“Parkside Walk will become a cornerstone development in Jolimont that will bring life and vibrancy to the community,” Mr Marra said.
Artist impression for illustrative purposes only.