Property developer Peet Limited has lodged plans with the City of Stirling to build a $75-million residential estate in Glendalough, north-west of the Perth CBD.
The Perth-based developer, which currently holds a national $14.3-billion pipeline, is planning to build 100 townhouses across a 2ha site at 315-319 Harborne Street. The land had been privately owned by same tenant for 30 years.
It will now be developed into a new community, which Peet said had been inspired by London Mews-style precincts.
Glendalough was once owned by the Catholic Church and is bounded by Herdsman Lake and Lake Monger.
The estate will feature three rows of townhouses comprising two-, three- and four-bedroom configurations.
As part of the plans a new pedestrian path will also be created between Harborne Street and Glendalough Open Space—a lakeside park alongside Jon Sanders Drive.
A centrally located 500sq m park is also planned with a total of 700sq m of communal open space—with covered multi-purpose spaces, work zones, children play areas, bike maintenance and dog wash zones—is also proposed across the estate.
“Paying respects to the surrounding lakes and open wetlands, we have an opportunity and a responsibility to make a step change improvement for sustainable development in Perth,” the developer said in a statement.
“The outcome will be a community that uses less while generating energy from renewable sources and is committed to a more sustainable future.”
The development will feature 8-star NatHERS rated homes with on-site electricity generation and solar orientation.
The precinct will be 500m from the Glendalough train station on theJoondalup line, and 5km from the Perth CBD via the Graham Farmer Freeway.
Peet currently has upwards of 42,000 lots across 50 projects in growth corridors in each major city within its development pipeline.
In Western Australia, it currently has 20 projects on the cards with short-term plans to deliver 4000 lots over the next five years—three of those estates are already in planning or being sold.
The developer is also planning to commence the development of up to six new land community projects and seven townhouse sites nationally within the same period
The planned projects will be fully funded from its internally generated cash flows and existing debit facilities.
Across the first half of the 2022 financial year, the developer has completed 1800 lot sales and settlement on 1200 lots generating $130 million in venue.
In Western Australia, the developer said it had experienced strong settlement performance despite extended time frames associated with builder negotiations and financing.
First home buyers remained the most active demographic in the state, accounting for over half of the developer’s lot sales.
Peet now expects land sales to moderate in Western Australia across the second half of the year due to construction constraints impacting the continuity of supply and title timelines.
