ONE Subiaco: Suburb’s tallest high-rise apartment development reaches completion

Source: The West Australian

Ocean views to Rottnest Island are now on offer in Subiaco, with the suburb’s tallest high-rise officially reaching completion.

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

More than 500 residents are getting ready to move into $300 million development before Christmas, with the complex virtually sold out prior to 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 The West Australian.

Just two multi-million dollar penthouses remain in the 236-residence building 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 $19.3 million to an unnamed buyer.

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

A vast majority (90 per cent) of buyers are owner occupiers and more than 70 per cent of those are baby boomers looking to downsize.

“The popularity of ONE Subiaco really demonstrates the demand for larger, high-end luxury residences. We have 57 people already booked for the first opening of our remaining penthouses next weekend,” Mr Blackburne said.

“We have four or five of these projects worth $1.2 billion on at the moment and a vast majority of them have launched and sold out. So the three projects like this that we’ve got under construction at the moment are pretty much all sold out and they finish construction over the next 12 months,” he added.

Mr Blackburne said the completed 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 has really suffered but now this is sort of the beginning of a new era. You’ve got a lot more shops, cafes, bars and restaurants that have opened in the last 12 months along Rockeby Road, which we knew was going to happen,” he said.

“But this really this 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.”

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, cementing its confidence in the area’s revitalisation.