2.2million sale of a high-profile mixed-use site at Eliza Ponds marks another milestone in the development of the boutique residential estate in Spearwood.
Set to become the cornerstone of the new Eliza Ponds town centre, MMJ Real Estate (WA) has sold the 3,815sqm site to the Builton Group, which has unveiled plans for a mix of retail and commercial premises and 44 residential apartments.
Brad Carey, Director of MMJ Real Estate (WA), said the site represented a rare one-off development opportunity within the up-and-coming Eliza Ponds community and a chance to capitalise on the area’s well-recognised investment potential.
“One of the most liveable communities to be developed close to Fremantle in recent times, Eliza Ponds has proved an attractive address for homebuyers and investors alike,” Mr Carey said.
“With opportunities for retail tenants such as a café, newsagency and small supermarket or convenience store, the new town centre project will add another dimension to what is set to become a thriving coastal community. In fact, we’re currently fielding a number of enquiries for the retail tenancies.
“Close to Coogee Beach, the new Port Coogee marina and Fremantle’s lively café and restaurant strip, Eliza Ponds is being developed in a suburb that has the added benefit of being named one of WA’s top 10 investment hotspots in the 2014 Fast 50 report by property magazine Smart Property Investment.”
Mr Carey said sales of home sites at Eliza Ponds had been consistently strong, with 42 per cent of blocks released in Stage 2A already sold and just a handful remaining in Stage 1.
“The sale of the town centre site and the unveiling of the Builton Group’s plans represent another landmark in the development of this sought-after new coastal community.”
To be called Orchard by the Sea, the Builton Group’s contemporary mixed-use complex will include one-bedroom and two-bedroom apartments and three retail/commercial units.
Troy Felt, Managing Director of the Builton Group, said the new business premises would bring a variety of local shops and services to Eliza Ponds.
“The Builton Group was keen to secure this landmark site, increasing the range of residential choices available, bringing additional investment opportunities and adding to the sense of community by giving residents the convenience of local businesses on their doorstep,” Mr Felt said.
“Anchoring the new town centre precinct, Orchard by the Sea is a contemporary mixed-use development that will capitalise on the location and lifestyle offered at Eliza Ponds, and the growth potential of Spearwood and the surrounding area.”
The Eliza Ponds town centre site was sold via an EOI process. Purchasing the land off the plan enabled the Builton Group to draw up its plans and obtain approvals before settlement.
Eliza Ponds is being developed on the former Watsonia manufacturing site off Hamilton Road in Spearwood, a location that has a rich history spanning more than a century.
Visit the Eliza Ponds website to find out more www.elizaponds.com.au
MMJ Real Estate (WA) is part of the national MMJ Real Estate business, which has eight offices across the country and enjoys a dominant position in many local markets.