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Brookfield’s $1.1bn Perth towers highlight new project flurry

Brookfield's Elizabeth Quay proposal
4 min read
Brookfield's latest proposal will provide a focal point at the Elizabeth Quay waterfront precinct. Image: Brookfield

Brookfield’s $1.1bn Perth towers highlight new project flurry

International heavyweight Brookfield has progressed plans for a $1.1 billion waterfront mixed use precinct in Perth, as institutional and private developers continue to restock their project pipelines across the country.

International heavyweight Brookfield has progressed plans for a $1.1 billion waterfront mixed use precinct in Perth, as institutional and private developers continue to restock their project pipelines across the country.

Brookfield’s announcement this week it had received the green light to build its proposed two-tower riverfront precinct in Perth is the latest in a series of moves by local and international developers that are displaying confidence in a quick Australian rebound from the COVID pandemic.

Proposed to be built on the Swan River waterfront at Perth’s Elizabeth Quay, the eye-catching proposal, designed by New York architecture firm REX and local group Hassell, comprises a 21-level office tower and a 56-storey luxury hotel and apartments building. 

In total, the precinct will provide 50,000 square metres of office space, 1,817sqm of retail and dining space, an 84-room boutique hotel and 237 luxury apartments.

Around 2,500sqm of public open space will be provided at ground level.

Brookfield Properties executive vice president Carl Schibrowski said Perth Plus would be one of the most substantial investments in the Perth market.

“The design delivers on the WA Government’s vision for the precinct as a world-class destination to visit, live and work with high-quality urban amenities and open space,” Mr Schibrowski said.

“Brookfield is Perth’s largest office owner and remains committed to the long-term future of this vibrant global city.

"Elizabeth Quay is a critical new mixed-use addition to the CBD, and Brookfield Properties is delighted to be the developer for the best parcels within this precinct.” 

The proposal is located on an adjacent block to oil and gas giant Chevron’s new Australian headquarters which is being built by Multiplex and developed by Brookfield. 

Construction is expected to be complete by around the end of 2024.

In north-west Sydney, the development arm of superannuation firm Cbus recently launched the second stage of its $450 million Architectus-designed apartments precinct, The Langston in Epping.

The second stage, known as Central, will comprise 180 apartments in a 24-level tower, complementing the first 192-apartment stage which is more than 70 per cent sold.

Cbus Property chief executive Adrian Pozzo said the developer and Architectus worked closely over recent months to amend apartment designs for the second stage, to be more in line with changing buyer expectations post-COVID-19.

“Without doubt, 2020 has been a challenging year, and what has become evident in the residential high- and medium-density sectors is that homebuyers are looking for an increased level of amenity in and around their homes,” Mr Pozzo said.

“COVID-19 has seen many of us review our home space requirements and nearby amenities, and therefore, we have made our apartment designs for Central even more inviting for buyers than they already were, with additional on-site amenity that reduces the need to leave home.”

Study areas and co-working spaces will be complemented by a ‘sky lounge’ landscaped terrace, a wellness hub and a pool deck.

Architectus principal Farhad Haidari said the second stage had also been designed to be aesthetically-appealing for prospective purchasers.

“Central’s curvaceous form was designed to maximise outlook whilst responding to wind conditions and promoting solar access within the development,” said Mr Haidari.

“The building’s striking architecture is complemented by premium amenity that has been curated and designed to seamlessly blend with the residential nature of the building. 

“Central will provide residents with access to world-class apartment living not yet seen in Epping.”

Construction of the precinct is scheduled to be complete by late 2021, with progress on the three-tower precinct well underway by head contractor Hutchinson Builders.

Meanwhile, with Melbourne residents starting to emerge from Australia’s harshest lockdown, so too are developers, the latest being Time & Place Property, which recently acquired a prominent Southbank site for $29 million.

Time & Place bought the site, located within Southbank’s Crown precinct, off-market from New Sky Group, which had previously planned to develop a 61-storey, 252-apartment tower known as 88 Melbourne.

Director Tim Price said Time & Place was working closely with its architect partner Callum Fraser to completely redesign the project within the 61-level height envelope of the previously-approved planning permit.

“This site presents an exciting opportunity for our group as we look to deliver projects unlike others seen before in Melbourne,” Mr Price said.

“Southbank has become renowned for glass towers, this won’t be another one of those.

“We’re looking to deliver something edgy, with a New York feel, and activate a space that the public will want to engage with.” 

On Queensland’s Gold Coast, Mosaic Property Group has joined a throng of developers enjoying strong sales success and substantial new project momentum.

Mosaic recently unveiled its third project release in Gold Coast’s Burleigh Heads, a $50 million, 47-apartment tower designed by award-winning architecture firm BDA.

Grace will build on Mosaic’s considerable momentum on the Gold Coast, with its first development, Bela by Mosaic in Mermaid Beach, the region’s top selling off-the-plan project over the last 12 months.

The developer’s second project, Elan, was launched late last year and sold out within three months of its release.

Mosaic founder and managing director Brook Monahan said he expected Grace to be the developer’s most anticipated project to date.

"Burleigh Heads is one of Queensland’s hottest markets right now, and Grace is right at the heart of it, within short reach of its superb lifestyle offerings. 

“The incredible level of amenity, coupled with such priceless natural surroundings, is extraordinarily rare."

"We have a gone to remarkable effort and detail to create a beautifully crafted collection of residences that take full advantage of its prime Second Avenue position and coveted ocean views."

Mr Monahan said buyer interest had not only been rising fast from locals, but also from interstate as interested parties seek luxury beachside apartments.

"There is no doubt the Gold Coast is a primary beneficiary of COVID weary southern residents looking for an idyllic change in Queensland, with its abundance of sunshine and open space."

"Last month, Mosaic achieved the highest number of sales in our history across our three core markets. 

“South East Queensland's unbeatable lifestyle, affordability relative to Sydney and Melbourne, and once-in-a-generation level of infrastructure investment presents such a compelling opportunity."

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