The developers of central Perth’s biggest construction site in waiting, the former Emu Brewery site, are set to appoint a builder next month.
Saville Australia and global investment bank Babcock & Brown are understood to be in discussions with a Sydney-based builder, with a view to starting construction on the $1.3 billion project later this year.
Now known as Capital Square, the 18,000 square metre site on the corner of Mounts Bay Road and Spring Street will be home to three residential towers, comprising more than 1,000 apartments.
Saville Australia director Vic Levy said the 41-level Tower One featuring 265 apartments would be the first tower built, and would be Perth’s tallest residential development when completed within the next three years.
“Taking into account this is a five-year project, we’ve been in discussions with a builder for some time. If all goes well, an announcement could be made within the month,” he said.
Responding to industry speculation that it was considering converting one of the towers into commercial office space if given the right anchor tenant, Mr Levy said it was “very unlikely” to happen and the project was going ahead as planned.
“There’s a terrible shortage of residential apartments in the city, particularly in the west end, so we’re in a prime position to make the most of it,” he said. “Many residents will have views to Rottnest Island.”
The former Westpoint-owned site was purchased by the joint venture partners for $48.8 million against fierce competition from developers in July last year.
Named for its views over the parliament precinct, Capital Square will comprise a public plaza of up-market restaurants, retail shopping and open space.
Leases for the various retail and commercial units, totalling 10,000sq m, are due to hit the market later in the year with space provided for a potential boutique brewery to capitalise on the site’s history.
Saville Australia is taking expressions of interest on the apartments from the public.
