Perth residential real estate developments reach milestones
A major residential property development earmarked for Perth's Burswood peninsula reached a major milestone this week, after the state government lifted a height limit on the multibillion-dollar project.
The WA Planning Commission (WAPC) lifted a 30-storey height restriction on the Belmont Racecourse redevelopment, saying that it was "unwarranted and unnecessary", the West Australian reports.
The $3.5 billion Golden Group mixed-use project is likely to attract the interest of those looking for a property investment in the state's capital, with it comprising 4,500 apartments, 80,000 square metres of office space and 40,000 square metres of retail space.
Andrew Sugiaputra, managing director of Golden Group, welcomed WAPC's decision, which means works can commence early next year as planned.
He explained: "With the size of project and it being a long-term, we wanted it to be as flexible as possible and the height restrictions wouldn't have allowed that - we're relieved to see them lifted."
And in further good news for investors looking for Perth real estate, the $1 billion Waterbank precinct in East Perth is one step closer to kicking off, after an agreement was finalised between the Metropolitan Redevelopment Authority and Lend Lease.
Once complete, the precinct will boast 600 residential property dwellings, and commercial space for more than 1,500 workers.