The West Australian: Broadway on the Bay Approved

Luxury apartments to be built on Crawley foreshore after united push

Approved plans will see luxury new apartments built on the Crawley foreshore, after the owners of the ageing units at the site banded together to sell en masse.

Developer Edge won unanimous approval from the Local Development Assessment Panel for the $20 million, eight-level waterfront complex.

The site is directly opposite the Steves hotel apartments — which was one of the first luxury apartment complexes in Perth — and the development will include 21 apartments.

The owners of the existing 18 units at the site were paid $10 million for the complex in April this year, after the owners decided to sell en masse.

It is a boon for the owners who received on average about $520,000 for each one-bedroom unit — most smaller than 50sqm — in the 60s-built apartment block.

It equates to about $10,400 per square metre for each unit, reflecting their unique riverfront position.

Confirming the strength in selling en masse, the price the developer paid for each unit is slightly above market value compared to what each unit would fetch in an individual sale.

There have not been any recent sales, but between 2015 and 2018, most of the one-bedroom units in the Broadway complex sold for about $400,000, which is about 30 per cent less than the amount the owners got from the developer this year.

However, unit prices have grown only 4 per cent in that time, according to Domain.

Its housing report showed the median unit price in Greater Perth in September 2018 was $347,000, and jumped about 4 per cent, to $361,000, in March this year just before the complex was sold to the developer.

Edge managing director, Gavin Hawkins, said he felt it was a “good price” for the riverfront land.

Mr Hawkins said there were 36 submissions in support of the project and six against.

The level of support is strong compared to other developments on the strip, which has seen some heritage homes demolished and new developments overlooking neighbours’ gardens.

Further up the road at 93 to 95 Broadway, a $13 million six-storey development — containing 38 apartments and one office — was formally opposed by 119 people during a public consultation period, and supported by eight.

“I think probably because it is replacing such an old, ugly building that is a real eyesore,” Mr Hawkins said of the support.

“It’s a three-level walk-up block of flats.”

Mr Hawkins said that the 1413sqm waterfront site will be the “jewel in the crown” on Broadway and will attract downsizers from the local area.

“The appeal of this site, which is spectacularly located at the river end of Broadway, down the road from the iconic Steves hotel, with direct access to JH Abrahams Reserve, Jojo’s jetty and the Swan River, is universal,” he said.

“Each bespoke apartment is uniquely designed for downsizers in the local area who want to maintain their luxury lifestyle.”

It was designed by Hillam Architects, with floor plans ranging from 114-258sqm, with full-height glazing and wide balconies.

Known as 168 Broadway, the development will include a mix of two and three-bedroom apartments and penthouses.

The complex will include 500sqm of internal and external residential amenity that includes casual and formal lounge and dining areas, a wine cellar, book retreat, billiards room, gym and yoga space, sauna, terrace barbecue cabana, and a wellness garden.

The launch date is anticipated for early 2023 with construction set to start mid year.

Edge is making a name for itself for delivering some of the most expensive and luxurious apartments on the market.

Its projects include The Dunes Beachfront Residences in Scarborough, and luxurious riverfront developments Lumiere South Perth and Riviere Residences in Applecross.

Soon-to-be-launched developments include Muse at Artisan Place in Fremantle, and the iconic sites at the OBH in Cottesloe and Mindarie Marina.