$40m 9 Tully starts

The West Australian - - PROPERTY - He­len Shield

LKD De­vel­op­ment Group has achieved the 50 per cent by value pre-sales tar­get that will al­low it to start build­ing its $40 mil­lion 9 Tully project in East Perth.

Work will start on the nine­storey, 79-apart­ment project de­signed by ar­chi­tects Doe­pel Marsh in March, with com­ple­tion late next year.

LKD man­ag­ing di­rec­tor Fabian Deng said de­spite the slower mar­ket, the project had found buy­ers keen on the Claise­brook Vil­lage life­style.

Many buy­ers in the East Perth project were en­thu­si­as­tic about Op­tus Sta­dium.

It has ap­pointed Jaxon as builder.

LKD is a fam­ily owned real es­tate and de­vel­op­ment firm. It paid $3.6 mil­lion for the va­cant land in Septem­ber 2015 and launched its project, pitched at “price sen­si­tive” buy­ers in Au­gust 2016, af­ter re­ceiv­ing de­vel­op­ment ap­proval a month ear­lier.

The 79-apart­ment project com­prises 23 one-bed­room, 50 two-bed­room and six three­bed­room apart­ments.

The tower will have views over the river and the city and Mr Deng said the lo­ca­tion would en­sure it was a stand­out de­vel­op­ment in East Perth.

Mr Deng has pre­vi­ously said he asked Doe­pel Marsh to en­sure the de­sign made it pos­si­ble to keep strata levies low and main­tain a high-qual­ity life­style.

Prices start at $365,000 for one bed­room apart­ments, $435,000 for two be­d­rooms and $650,000 for three be­d­rooms. It has sold all but one of the three-bed­room apart­ments and most of the sales have been to lo­cal buy­ers.

LKD has com­pleted a $20 mil­lion, four-level, 40-apart­ment project at 152 FitzGer­ald Street and was plan­ning other cen­tral projects in­clud­ing on Roe Street ad­join­ing Perth City Link.

The 9 Tully project, at the north-west cor­ner of Claise­brook Cove, is be­ing mar­keted by Col­liers In­ter­na­tional’s Wil­lie Lim.

The view from unit 71.

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