ASX-listed developer Mirvac is shifting its focus to the Burswood Peninsula as its $350 million Beachside Leighton precinct reaches the final stages, with the company’s fourth residential building at the coastal enclave having recently topped out.
Mirvac has been building at Leighton Beach since 2006, delivering 183 apartments across three completed buildings as well as a range of community facilities, including a new headquarters for the Fremantle Surf Life Saving Club, an amphitheatre, and a range of hospitality outlets.
The fourth building, Compass, is on track to be completed late this year and comprises 104 apartments, while Mirvac is also in final negotiations with a third party to develop a six-level hotel to round out the precinct.
Mirvac Western Australia residential general manager Paige Walker said the hotel developer’s identity would remain confidential until an agreement was finalised, but was expecting a development application to be lodged in the second quarter of this year for a 2021 construction start.
Ms Walker said the staged nature of Beachside Leighton had allowed the developer to tailor each building to market conditions, which had evolved markedly since the precinct launch 14 years ago.
“We really had to evolve and adapt the project to suit the market each time we launched a new stage,” Ms Walker told Business News.
“What was consistent across the whole program was a commitment to providing customers with a high-quality end product, and it’s always been a very premium product that we’ve offered, but we’ve had to look at different sized products, different configurations and different sizes of the stages to suit where the market was at the time.”
Ms Walker said Mirvac’s next phase of development in Perth would be focused on the Burswood Peninsula, where the developer has delivered 419 apartments with an end value of around $477 million.
Mirvac is planning to build two more high-rise and mid-rise apartment buildings at Burswood, with a development application for its sixth residential tower approved last year.
Ms Walker said Mirvac would move quickly on a marketing launch at Burswood, with enquiries on the rise from both owner-occupiers and investors keen to take advantage of the state government’s stamp duty rebate for off-the-plan purchases.
“We think the stamp duty rebate will be a good driver, particularly because it’s only available for a two-year period,” Ms Walker said.
“It is good that there is an end-date because it creates a bit of urgency.”
