The McGowan Government is partnering with Peet to develop a $45 million affordable housing development that will deliver 146 apartments and supply new commercial space in the heart of Perth.
The 20-storey development, located on the government-owned site at Lot 52 Pier Street – a short walk from McIver train station and the Perth Cultural Centre – will feature a mix of quality apartments.
Approximately 70 per cent of apartments will be available for private sale, 15 per cent for sale through the State Government’s shared equity program and the remaining 15 per cent allocated for social housing.
Peet was selected for its ability to help transform Perth’s housing market by delivering more affordable developments around key transit precincts and activity centres, with a focus on thoughtful density principles. The development’s total value, including State Government land, is estimated at $45 million.
Pier Street is part of the State Government’s $394 million METRONET Social and Affordable Housing and Jobs Package announced in May this year – a major investment in housing aimed at building liveable and connected communities close to transport infrastructure.
The development is also part of the McGowan Government’s Affordable Housing Action Plan 2017-18 to 2019-20, which will boost the number of housing opportunities for people on low-moderate incomes to more than 35,000 by 2020 – including the delivery of an extra 7,700 affordable homes between 2017-18 to 2019-20 and investment in construction that will support $2.3 billion in economic activity and almost 6,000 jobs.
Subject to approvals, civil works at Lot 52 Pier Street will start in October 2020. Completion of the apartments is expected in late 2022.
As noted by Housing Minister Peter Tinley:
“The State Government has a strong history of working with Peet and other private developers to incorporate the latest innovations in design and construction into projects.
“Several such initiatives are proposed for the Pier Street project, including a car share service for residents and powered parking bays.
“The overall development will support an estimated 200 construction jobs (both directly and indirectly), and potentially deliver an estimated $80 million financial stimulus to the State economy through its flow-on effects to other industries.
“Developments such as Pier Street are an important part of the Government’s Affordable Housing Action Plan which aims to give Western Australians better access to affordable housing close to where they work and play.”
