Privately-owned Peakstone has lodged plans for a 35-storey tower spanning 175 dwellings in South Perth.
The Singapore-headquartered property investment manager is behind the plans for the 88 Mill Point Road site.
A return to positive interstate migration and a solid outlook for the resource sector is helping propel Perth’s market.
Peakstone director Chris Khoo said the local area of South Perth is changing, and the proposed building would “embrace demographic changes”.
“We expect this will deliver hundreds of jobs in construction and attract more community amenity towards the river and train line,” Khoo said.
The proposed project will span a mixture of one, two, three and four-bedroom apartments.
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Nearby at 72-74 Mill Point Road, Edge Visionary Living's plans for a 34-storey, 116.5 metre tower were knocked back for the second time in 2018 after local residents won their case in the WA Court of Appeal against its approval.
Edge Visionary has since been approved for a 29-storey development at the South Perth site.
Previous plans for the 88 Mill Point Road site have also been rejected. This includes the $174 million proposal for a 38-storey mixed-use tower on the site knocked back in 2016.
Following a year of mediation and revisions, Western Australian developer Sirona Capital in partnership with CEL Development was approved in 2019 for a 38-storey tower at 28 Lyall Street in South Perth.
The developer had scaled down from a 144 metre-tall building to a 123.3-metre structure.
Peakstone says it looks forward to working closely with the local businesses and artists in the development of this project over the coming months.
Of the tower's design, Hassell principal Peter Dean said the project received design excellence through the State Design Review Panel process.
“Residents of South Perth told us how important the local trees and parks were to them, so we have carefully set back the human-scaled podium around the existing mature trees and provided extensive new landscaped areas and integrated artwork around the new community facilities that will activate the street frontages,” Dean said.
Signalling confidence in Sydney’s commercial property market, Peakstone last year picked up a prominent A-Grade office tower in Sydney’s CBD, 45 Clarence Street, for $530 million.
