The first lots in the $900 million redevelopment of the former Australian Fine China factory will go under the hammer next month after almost eight years of planning and debate over the future of the Subiaco site.
Planning Minister John Day is today expected to reveal details of the first five lots, ranging from 212sqm to 236sqm, to be auctioned on December 1.
Allowing up to three storeys, they are among only nine single residential lots that will be offered with the remainder of the 300 new homes in the precinct to be made up of apartment developments.
The 4.4ha property in Hay Street, at the top of Subiaco Common, is the last significant development site in the 18-year-old Subi Centro redevelopment.
First mooted in 2004 as China Green, the project was mired in community opposition over its proposed scale and height, culminating in Subiaco City Council taking legal action against the Subiaco Redevelopment Authority in 2010. The action was settled last year via mediation, with building heights agreed at five storeys with a three-storey limit set for the five single residential lots.
Real estate sources said yesterday prices of $3000/sqm, or $640,000 for a 215sqm block, were not unrealistic.
Ray White Centro sales manager Trevor Neil, who was involved in the first Subi Centro land sales through Time Conti and is selling the latest lots, was reluctant to speculate but recalled lots fetching $160,000 in the early days of the Subi Centro project.
Mr Day said the amended scheme and design guidelines, which were supported by the City of Subiaco, incorporated agreed changes to building heights, design and car parking.
Subiaco mayor Heather Henderson said land development in old industrial areas was complex and time consuming and she was pleased some of the community and city's desired outcomes were achieved.
"The Australian Fine China development has embraced the history of the site and reflected past activities through the public art that has been included in the development," she said.
Mr Day said the Metropolitan Redevelopment Authority was finalising negotiations with preferred proponents for development of more than half the site earmarked for residential and commercial buildings.The overall development will add up to 37,500sqm of commercial space for 2000 new workers.
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