The Perth developers are proposing a 60 townhouse $50 million development on the industrial and vacant site.
Perth developers Locus Development Group have bought a 10,311 square metre site on the corner of Stack and Amherst Street in Fremantle from three separate owners for $10.46 million.
The Subiaco-based group is planning to build a $50 million 60-townhouse development on the site, 1km east of Fremantle.
Locus bought 2 and 4 Stack Street from VYSFRY Pty Ltd, the trading entity for Cosima Germanario, Nicola and Nunzio Pisani, in an off-market deal.
The sale of 34-36 Amherst Street was negotiated via Ray White Commercial WA, from Mainpart Holdings, owned by Perth’s Della Maddalena family.
It is understood that 34 Amherst Street was previously owned by aged care MercyCare, who still own 30 Amherst Street.
A third off-market deal was made for 38 Amherst Street, sold by Ian McCarthy.
Locus Property director Cameron Alder told Business News his company would look to submit a development application next month.
“We’ve started local engagement with council and community [and] we’ll lodge a DA closer to mid-April,” he said.
“We’re looking to launch a sales campaign in late May or June and launch in September.”
Locus Development Group plans to build 60 townhouses in three stages at the site with a mix of two, three and four bedroom townhouses at an average price of $850,000.
“The building industry at the moment is pretty challenged and we’re empathetic to that so we’d rather deliver three lots of 20 rather than one lot of 60 ,” Mr Alder said.
Locus says its Fremantle townhouses will be similar to its Wembley houses, pictured.
Mr Alder added he was drawn to the site for its size and close proximity to Fremantle’s town centre.
“We’re looking to get scale, so being able to put them all together,” he said.
“They’ve already got a lot of development there with DevelopmentWA [and] the City of Fremantle have got a planning structure framework for the area.
“We’re local and fans of the area, so it’s nice to be able to deliver something that doesn’t exist at the moment.”
Subiaco-based Locus Group today started construction of seven houses in Cottesloe, selling for $2 million each, and is building townhouse precincts in Wembley Downs and Victoria Park.
The company’s directors Cameron Alder and Damian Long both worked at listed developer Stockland before starting Locus Group in late 2017.
