A landmark site has entered the market that could change the fabric and ease the plight of iconic Perth suburb Subiaco.
The former Subiaco Pavilion Market site has already attracted strong interest since being listed this month according to selling agent and JLL WA director of sales Phillip Fogliani, a reflection of its hard-fought development approval that would see a world-class, mixed-use development of retail, entertainment and residential rising to 16 storeys.
An artist’s impression of the proposed development at the corner of Rokeby and Roberts roads. Image: Supplied
Mr Fogliani said interest had come from local, interstate and offshore prospective buyers.
“It is a big project for some of the locals but it is just such a coveted site that everyone has had their eye on for a long period of time so it will be of interest to a lot of the local developers, potentially pairing up with offshore people,” he said.
“I also think it is attractive to offshore buyers because it has the size and scale, and east coast developers wanting to make their first foray into Perth.”
The site has been put on the market “reluctantly” by businessman Andrew Abercrombie citing changing business interests, six years after it was purchased by Subigate. It is understood the owner wants $30 million-plus for the site.
Planning approval was not an easy road for Mr Abercrombie, originally being opposed by the City of Subiaco before then state planning minister John Day stepped in and changed the city’s planning scheme to allow the project the green light.
Urban planners and designers of the project Roberts Day went through five separate rounds of consultation over four years.
Roberts Day managing director Deon White said the project’s considered response to more than 800 community submissions had enabled it to consistently attract 80-90 per cent support.
An artist’s impression of the development proposed for the former Subiaco Pavilion Market site. Image: Supplied
Subiaco and its Rokeby Road retail strip has suffered of late, failing to attract the numbers it once enjoyed. With the impending loss of Domain Stadium as it moves to the new stadium at Burswood, the Subiaco town centre is at a crossroads.
Mr White said the development could bring shoppers and pedestrians back to Rokeby Road.
“This all about increasing visitor attraction to Subiaco with direct benefit to the shopping experience on Rokeby Road,” he said.
Mr Fogliani agreed it could invigorate Subiaco and have a ripple effect on to existing retailers.
The 5451-square-metre site sits in a prime position, directly across from Subiaco train station and four kilometres from the CBD. The site has a high transport-orientated development rating which will see about 400-500 new residents living above the ground-floor retail and lifestyle precinct.
The development’s design by architect firm Hassell incorporates a ground floor made up of a series of laneways aimed at attracting premium operators and includes 2000 square metres of new and upgraded public space. Above the laneways the plan is for 292 residential apartments, including a rooftop bar.
Mr Fogliani said the retail component could reflect a “glorified reincarnation” of the old markets, possibly with restaurant and a gourmet supermarket.
Subiaco Pavilion in 1996. Photo: Fairfax Media
Mr White said the scale and general approach of the approved plans reflected the needs of a growing city and a number of similar emerging precincts throughout Perth, the inner city suburbs of Melbourne and Sydney and other global cities heading towards a similar population.
“It’s all about taking small portions of the city that are closest to existing major transport facilities and developing them in a way that helps grow local amenity, housing choice, business resilience and make a fair contribution to the long term sustainable growth of Perth where we are now trying to accommodate half our future population within fabric of the existing city,” Mr White said.
Mr Fogliani said the potential buyer could commence construction almost immediately, but was under no obligation to maintain the current design.
The site is for sale by expressions of interest closing at 3pm (AWST) on August 11, 2016.
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