On August 28, Premier Mark McGowan and Planning Minister Rita Saffioti launched the construction of the landmark $300 million ONE Subiaco development at a formal ground breaking ceremony at the Rokeby Road site.
The historic event was also attended by Blackburne Property Group Managing Director Paul Blackburne and Subiaco Mayor Penny Taylor.
Celebrating a new chapter in Subiaco’s history, the development will also provide a boost to the Western Australian economy.
The stunningly designed project on the former Pavilion Markets site will bring several hundred new residents into Subiaco’s town centre precinct. The majority of buyers for the 245 residences are local families, young professionals and empty nesters moving to apartment-style living.
Mr Blackburne said ONE Subiaco was among the most significant inner-urban revitalisations to be delivered in Perth and would benefit the area for decades to come.
“As buyers, residents and visitors watch ONE Subiaco being built, we think there will be a real sense of excitement and anticipation about living in and visiting Subiaco town centre in the years ahead,” he said. “In a modern community, people want to have the option to live nearby their workplaces, remain in an area they love, enjoy new lifestyle opportunities and have close access to public transport.
“ONE Subiaco will deliver all this and more, with the design consisting predominantly of larger, higher-end luxury apartments.”
The development has already sold 80 per cent of its apartments, including two penthouses totalling $32 million, smashing price records for Perth and demonstrating the appeal of a quality mixed-use lifestyle and entertainment development. ONE Subiaco comprises three boutique buildings with the luxuries of a six-star hotel and is expected to be topped out by November 2021.
The central location in the heart of Subiaco will transform into a vibrant urban hub, offering a range of food and beverage, retail, pop-up markets and space for the community to come together. The ground-level leasing campaign is now ramping up with major announcements on high-end entertainment and dining expected by the end of 2020.
“Our exceptional sales figures prove ONE Subiaco is meeting the needs of local buyers and will undoubtedly help Subiaco regain its title as the most vibrant hospitality and retail strip near the city, expected to attract up to 3000-5000 visitors every weekend,” Mr Blackburne said.
Construction by Multiplex at the site is expected to create 1100 jobs over the next two years, as one of Western Australia’s largest-ever residential buildings is completed.