PROPERTY investment company and developer Mustera has bought two sites in Perth’s riverside suburb of Applecross for $7.61 million.
The two adjacent properties are located at 10-14 Forbes Rd and 40A, B, C Kishorn Rd, Applecross, and comprise a combined total land area of 2,023 sqm.
The property is located in the Q1 Kintail Quarter of the Canning Bridge precinct and is zoned mixed use.
The Q1 Kintail Quarter has been identified as the premier retail and entertainment destination within the precinct, with the preferred use being activated retail and food and beverage on the ground floor and residential apartments on the upper floors.
Upon completion of the acquisition and its funding arrangements, Mustera will retain a 30% equity interest in the property.
Mustera will look to submit a development application for approval in the second half of 2017.
The company will manage the future development of the property, contribute working capital and secure the required funding to deliver the project.
Australian Property Journal