The project is backed by Centuria who recently purchased the West Australian Owned Primewest, settled on the land in early 2022 and believes there is a market for premium strata office in high density areas such as South Perth.
Located in South Perth, the development will include 70 luxury apartments and just under 6,000sqm of A Grade office space. The building will display striking modern architecture and provide an iconic presence on one of the most visible sites within the new South Perth Station Precinct.
Due to market deterrents, the original development suffered the brunt of a weak housing market back in 2014, off the back of the mining downturn in 2011. Developer DevWest’s Executive Director, Chad Ferguson explains “One Richardson, like many housing projects in Perth and WA, suffered the brunt of a weak housing market back in 2014 that had been raging for a period of time, triggered by the mining downturn around 2011 and worsened by the credit crunch.”
“We have seen a stark difference in the recovery of the market since then and the demand for quality developments with a multipurpose approach aligns with our timing for One Richardson Centre. Initial enquiry levels and feedback have highlighted that the timing was right and we look forward to completing South Perth’s newest mixed-use development on the banks of the Swan River in the heart of the proposed new South Perth Station Precinct” said Mr Ferguson.
One Richardson Centre is set to benefit from the location of the proposed South Perth Train Station precinct making it easier for residents and workers to incorporate wellness into their commute with state-of-the-art end of trip facilities for keen cyclists being incorporated into the building's features.
One Richardson Centre is among several new South Perth developments including Civic Heart and 28 Lyall Street which are proposed to arrive to market summer 2023. One Richardson will feature a ground floor café and restaurant facilities, nine storeys of premium strata office, all with uninterrupted river views and finishing's by award-winning design firm MJA Studio, Richardson Centre is set to redefine the standard for commercial tenancies.
The dedicated A-Grade commercial centre features three levels of car parking, dedicated lift lobby access, end of trip facilities on each level and a ground floor cafe will make working here even more pleasurable.
The marketing campaign went live on mid 2021 taking advantage of favorable market conditions and is a price on application campaign run by Realmark’s Director, Sales and Leasing Specialist, Brent Griffiths.
“Despite the cautious market commentary, we are observing investors, looking for quality assets to purchase for their superannuation funds, but more specifically the main source of enquiry is from owner occupiers” Mr Griffiths said.
“The owner occupier market is evaluating that the rent to buy model stacks up and taking advantage of low interest rates and favorable market conditions securing premium A-Grade assets as there is an undersupply of new stock coming to the market.”
“Those interested in the development have been highly complimentary of the MJA Studio designs, approach to modern office accommodation, South Perth location and expansive views” Mr Griffiths said.
Commercial occupiers on the remaining levels will enjoy expansive river views on large flexible floorplates of between 300 and 500sqm with an abundance of natural light due to the sites corner location.