Paul Blackburne’s leap of faith into Subiaco
It is little surprise that Rivervale has finally taken off as a sought after destination for developers and investors as government attention focuses on improving Perth’s eastern gateway.
The revitalisation of the Perth CBD has flowed to the outer fringes, as city living takes a firmer foothold in Perth, and the focus moves beyond inner-city Highgate, Northbridge and Mt Lawley.
Rivervale is well positioned to take advantage of the recent boom in demand for apartments in Perth.
It is less than 5km to the CBD, in walking distance to the Crown complex, close to the domestic and international airports, the Swan River and the new AFL
stadium, which is slated to open in 2018.
Proximity, a new apartment complex being developed by the Blackburne Property Group, sits in Rivervale’s Springs development.
It is a seven-story apartment building consisting of 89 one and two-bedroom apartments, with a focus on delivering its residents onsite resort-style facilities at an affordable price point.
Construction is set to commence next month with an estimated completion date of February 2015.
Blackburne Property Group managing director Paul Blackburne said demand for the apartments had been particularly strong, with about 70 per cent sold
in the first month.
He said the entry price for a 50sqm one-bedroom apartment was $380,000, with an overall average price of $510,000.
“All of our apartments are built with extra-large balconies of, on average, 16 or 17sqm, to take advantage of our climate,” he said.
The apartments will feature an external vertical garden, which will grow up the building’s entire face, something relatively new to the Perth apartment market.
It will also include a communal vegetable garden, landscaped grounds, a gym, pool, sundeck and barbecue area.
Mr Blackburne said the ratio of apartments sold stood at 45 per cent investors and 55 per cent owner-occupiers, with the apartments appealing to downsizers from surrounding areas, professionals working in the CBD and FIFO workers who were attracted to the complex because of its proximity to the airport.
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