Major developers — including Blackburne, Peet and Mirvac — are circling one of the biggest land releases of the year, with lots released this week at Subiaco East.
It is understood the developers have long been sniffing around the two individual lots, which would allow up to 320 units in buildings up to 30 storeys and 11-storeys high.
The land plot ratio makes it one of the biggest development sites on the market.
It also suits current market conditions, with developers favouring big projects in exclusive areas like Subiaco, with current construction costs making smaller, cheaper development uneconomical.
Lot one includes 3655sqm at grade land, with 4487sqm available at basement level.
Lot two includes 1275sqm at grade land and 1770sqm at basement level.
JLL agent Sean Flynn said the project would follow on from the nearby Blackburne development, where residents are due to start moving in to the 242 apartments before Christmas.
“Following on from the success of the One Subiaco project, we believe the release of lots one and two is perfectly timed to capitalise on this momentum.”
“In our view lot one is the premier development site within the oval precinct, occupying the prime corner adjacent to the landmark heritage listed Subiaco Oval main gates.”
JLL’s Nigel Freshwater said lot one also had the benefit of ground floor activation through retail or hospitality, capitalising on its position near the heritage-listed gates.