This article is from the Australian Property Journal archive
A SIGNIFICANT development opportunity has presented itself in the heart of Perth city.
The 3334 sqm KS6 site is located in the Kings Square precinct which has become part of the Perth City Link Project. It’s one of the last remaining development sites of substantial potential in the Perth CBD.
The Link Project was designed to reconnect the Perth CBD with Northbridge’s entertainment precinct for the first time in 100 years.
This prestigious site in Kings Square has the foundations for a promising development, already benefiting from a DA for a two tower development of 563 residential apartments and retail use. The development approved by the DA includes a 48 storey tower and a 42 storey tower with residential studio apartments ranging from one-bedroom to three-bedroom and also includes facilities such as a pool and gym.
Conal Newland, head of operational capital markets at Savills suggests that the KS6 site could be useful to accommodate Perth’s influx of international students.
“Like many capital cities in Australia there is a critical housing shortage in Perth, and an estimated 5,000 international students are heading to Perth to study this month, with all purpose-built accommodation fully occupied,” he said.
“The consent at KS6 could be configured to provide much needed student accommodation in one tower and Build-to-Rent in the other, to help offset the supply and demand imbalance,” Newland concluded.
Designed as an urban renewal and redevelopment project, the Perth City Link Project is an important movement of growth for the city according to Savills director, capital transactions Barney Dear.
“The Perth City Link Project currently includes several city defining developments including the RAC Arena, Yagan Square, four A-Grade office buildings totalling over 67,000 square metres and the underground Perth Busport,” Dear said.
“The precinct will also benefit from the development of the Edith Cowan University City Campus,
which is currently under construction and expected to attract a community of 11,500 students and teachers by 2030,” he added.
The KS6 site is located at 18-28 Telethon Avenue, Perth. The expressions of interest campaign ends at 2pm on Thursday, 9 March 2023.
