I attended an interesting breakfast the other day, hosted by the Property Council and which outlined what is happening at The Springs in Rivervale.
This is a 14ha parcel of land nestled between Polly Farmer Fwy and Great Eastern Hwy and of course central to the new stadium, Crown Casino, Swan River and trainline into the city.
There are a number of developers in this precinct, which is being project managed by LandCorp, including Finbar, BGC, Psaros and Hillam.
While the majority of The Springs is residential (1900 apartments), there will also be 10,000sqm of commercial space, plus the first Sheraton Aloft hotel for WA.
The Aloft hotel will offer amenities for local residents to use as well as guests and will feature a rooftop bar as well as XYZ bar. This venue has attitude and will boast live music and tech forward thinking. Very exciting indeed!
At present there is $389 million of apartments being constructed with most being available for occupation mid 2016.
To date 36% of buyers have been investors and 64% owner/occupier.
Plus these buyers are coming from a range of areas including Como, East Perth, Rivervale, Ascot, South Perth, Southern River, Canning Vale, Thornlie, Victoria Park and Nollamara.
The breakdown of buyer ages is also just as varied:
As can be seen by far, the 26-35 age group represents the biggest portion with 35% of buyers and it is not surprising considering the setting and the price advantage!
At the end of the day I believe that The Springs will in fact be the next East Perth and it is one of my hottest investment tips for Perth!
PropertyESP will be doing some further analysis work on The Springs precinct in the near future – so stay posted!