DIPLOMA Group has signed an unconditional contract for a 2,643 sqm site in Midland, 19 km east of Perth.
The $25 million mixed use development will comprise 60 apartments plus 590 sqm of commercial space. This is the second site secured by Diploma in Midland in 12 months and includes two lots located at the corner of Keane Street and The Crescent.
The acquisition follows the launch of Diploma’s Foundry Apartments, which achieved 85% pre-sales within 2 months and is under construction scheduled for completion mid 2011.
CEO Nick Di Latte said Midland is currently undergoing significant urban renewal.
“We anticipate demand for this new development to be as strong as the Foundry development. Foundry is due for completion this year.
“The acquisition of this property now brings the total value of development projects in hand up to $560 million which will be completed over the next 3 years, reinforcing Diploma’s position as a dominant player in the apartment sector,” he added.
Last week, Diploma received development approval for $80 million Pier Street development and the $50 million iSpire project at 176 Adelaide Terrace Perth.
Australian Property Journal
