Prominent developer Luke Saraceni says his development vehicle Saracen Properties is poised to unveil a wide range of new projects in coming months, on the heels of strong early sales success at its latest joint venture, a $25 million apartment building in North Perth.
Prominent developer Luke Saraceni says his development vehicle Saracen Properties is poised to unveil a wide range of new projects in coming months, on the heels of strong early sales success at its latest joint venture, a $25 million apartment building in North Perth.
Nearly half of the apartments at Saracen Properties’ Rose on Angove project, to be located on the corner of Angove and Fitzgerald streets, sold in the first six days of marketing, while five commercial units were also purchased in the same period.
Of the 39 apartments, 21 remain on the market. Mr Saraceni said the project was a joint venture with his cousins Lou and Tony Saraceni, who operate the Vastese Bakery, and are long-term owners of the project’s site.
Mr Saraceni said there had been a strong response to the project, with the sales occurring prior to formal advertising being launched.
Limnios Property Group is responsible for marketing the Rose on Angove development.
“It’s an unusual response in this market, which is really testament to the fact that people must consider that location to be fantastic, it’s one of the first new buildings in that area and it’s on a landmark site,” Mr Saraceni told Business News.
“It’s sort of a ray of sunshine in what is otherwise a very indifferent residential property market – I hope it’s a sign of things to come for everybody.”
Design of the project, with large balconies and pronounced setbacks from both Angove and Fitzgerald streets, was the result of months of collaboration with the City of Vincent’s design advisory committee.
Mr Saraceni said that process had resulted in a good outcome from a design perspective, while Saracen Properties had met the market with apartments priced from $399,000 to $499,000.
Rose on Angove is not the only project in the works for Saracen Properties, with Mr Saraceni increasingly returning to prominence following the 2011 collapse of his former empire, which resulted in the $500 million Raine Square tower being completed under external administration.
“I’ve been quietly working behind the scenes on quite a number of different projects,” Mr Saraceni said.
“This is one of many that I’ve got on the drawing board or happening at the moment.”
Mr Saraceni would not be drawn on specific details on any of the other projects, however, he said there were “quite a few” in the works, which were predominantly larger than Rose on Angove.
Saracen Properties is also involved heavily with Sirona Capital, with the two companies’ joint venture, Westbridge Property Group, beginning construction on the 91-apartment Tenth and Beaufort development in Inglewood in March.
But it is Westbridge’s $160 million, 39-storey Glass House project in South Perth that is its flagship development.
Formal marketing of Glass House, which also includes a 70-room boutique hotel, is expected to be launched before the end of the year.
Westbridge also holds an approval for a six-storey mixed-use development on Charles Street, a project approved by the metropolitan west development assessment panel in July.
The project, known as Habitat Nth, is proposed to comprise 93 apartments, with marketing expected to be launched in coming weeks.
