CONSTRUCTION has started on Blackburne’s luxury 91-apartment Marina East complex in Ascot.
Georgiou Group have been appointed to build the $70 million project.
Blackburne managing director Paul Blackburne said 60 per cent of the apartments were already sold and he was pleasantly surprised at how quickly they sold and where the buyers came from.
“We thought they would be local buyers from the area and around the Perth Hills and whilst we have buyers from these areas, we have seen a very broad spread of people coming from all over Perth into this project,” he said.
“This includes the wheatbelt/country areas, north of the river – Morley and Hillarys, south of the river – Mt Pleasant and Rockingham, to the western suburbs such as Mount Claremont.
“The project has sold from the top down, with the more expensive stock selling first, and this comes as no surprise given the outstanding location – right on the waterfront of Perth’s only marina east of the city.”
Mr Blackburne said the majority (70 per cent) of buyers were owner occupiers with many looking to downsize or rightsize.
“We have also seen a few investors who are purchasing with the view to move in within 12 months,” he said.
Marina East is one of nine projects worth a total of $912 million Blackburne has under development.
Mr Blackburne said the company had defied the residential property market slowdown to carve out a niche in the luxury yet affordable sector of the apartment market.
“Marina East proves that good quality and well-located apartments that are affordable will sell in any market,” he said.
“We expect strong price growth over the coming years of 4-5 per cent per annum as supply decreases and demand increases.
“I’m very proud of our team that have taken apartment development in WA to a new level.”