More than 500 people are planning the Christmas high-life in Subiaco, with Blackburne’s ONE Subiaco officially reaching completion.

“We’ve got a significant logistics task of moving thousands of pieces of furniture in by Christmas; there’d be about 700 couches coming up, about 1000 chairs, probably 500 beds, and thousands of pillows and sheets and plates and cups,” Blackburne executive chairman Paul Blackburne told PerthNow.

Mr Blackburne said Subiaco’s tallest high-rise apartment development, on the corner of Rokeby and Roberts roads, would herald a new era for the long-suffering inner-city precinct.

“When football left Subiaco five years ago, Subiaco really suffered but now this is sort of the beginning of a new era,” he said. “You’ve got a lot more shops, cafes, bars and restaurants that have opened in the last 12 months along Rokeby Road, which we knew was going to happen.

“But this really is the catalyst for change in area. “It’s the centre of Subiaco, 500 new residents and the whole ground level’s going to have new international style fresh food markets, a Japanese  restaurant, a new high-end bistro tavern and a range of other cafes, bars and restaurants and shops that will really form the centre of Subiaco.”

While the suburb has never been known for its ocean or river views, the building that towers high above every other in the area offers panoramic vistas of the ocean to Rottnest Island, Perth’s city skyline, the Swan River and the Darling Scarp.

Just two multi-million dollar penthouses remain in the near sold-out 236-residence complex and both are expected to sell within the next month.

One, listed at $5.5 million and with sweeping views across Perth, is practically a bargain compared to another penthouse in the building that sold for $19.3m to an unnamed buyer.

“We had over 3000 inquiries on this (development) in the first six months and $300m in sales so far that mostly were made in the first three months of the launch, two to three years ago,” Mr Blackburne said.

Some 90 per cent of buyers are owner occupiers and more than 70 per cent of those are baby boomers looking to downsize.

ONE Subiaco offers upscale resort-style amenities including an expansive private deck with a rooftop pool, poolside cabanas, outdoor dining area, gym, sauna and private rooftop entertaining spaces, which residents can book for exclusive use.

Blackburne’s head office will also move into the complex.