Construction recommences on troubled Devwest development in South Perth

Construction recommences on troubled Devwest development in South Perth

This media release was originally published by The Market Herald on 2 March 2022. It is reproduced here in full without amendment. 

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Construction recommences on troubled Devwest development in South Perth

• South Perth is set to get a new residential and commercial offering, with DevWest starting construction on the One Richardson and the Richardson Centre developments.
• One Richardson is a residential building on Richardson Street with unobstructed views of Richardson Park, the Royal Perth Golf Course, and the Swan River.
• The Richardson Centre, located on the corner of Melville Parade and Richardson Street, offers an opportunity for investors and business owners to own space.
• Devwest collaborated together with Development Finance Partners (DFP) to arrange the Centuria Bass building credit.

With the start of work on Devwest’s One Richardson and the Richardson Centre, South Perth will soon be home to a new residential and commercial development, after a long hiatus.

Devwest, in collaboration with builders EMCO and architects MJA Studio, is offering potential homeowners and business owners the option to purchase an apartment or commercial space in the iconic riverside suburb.

It is the next step in a saga that goes back to 2013 when the development firm first received the green light to build the office and apartment complex.

Construction started in 2014 but was halted six months later due to market conditions.

In 2018 the group settled a dispute with funding partner Sincap Group.

Now construction has recommenced at the site courtesy of new funding from Primewest-backed Centuria Bass.

One Richardson is a residential building on Richardson Street with unobstructed views of Richardson Park, the Royal Perth Golf Course and the Swan River. Buyers may select between one- and two-bedroom floor designs, as well as two- and four-bedroom double-storey lifestyle apartments on the top floors.

The Richardson Centre, located on the corner of Melville Parade and Richardson Street, offers an opportunity for investors and business owners to own space in a brand new dedicated commercial office building, complete with an exclusive lobby.

The commercial facility will have a 145-square-metre cafe on the ground floor and end-of-trip amenities on each level.

Chad Ferguson, Executive Director of Devwest, said the building gave an incredible chance for firms to own their own space.

“The ability to own office space in a landmark building with panoramic water views, in a blue-ribbon CBD fringe suburb, is very rare. Office space of this quality is usually only available to lease.” he said.

Devwest collaborated with Development Finance Partners (DFP) to arrange the Centuria Bass building credit.

DFP Director, Matthew Royal said the financing was an example of developers collaborating with lenders to bring projects to fruition in a difficult climate.

“Rapidly escalating construction costs and labour shortages are putting pressure on developers, however, working with the right financiers can be the difference between projects proceeding and not proceeding,” he said.

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