Perth’s Subiaco set for apartment influx
The inner-city suburb will get a major boost in apartment supply with the redevelopment of the former Princess Margaret Hospital site.
The state government has announced that it has approved design guidelines for the project at Subi East, which will ultimately host 1,000 new apartments.
It will be a welcome supply for the area, which saw 195 apartment sales take place in the past 12 months. The average cost for a home in a multidwelling building is $525,000, but with so many new units coming onto the market, the development is likely to push that average up when the project is complete.
The government has assured the community that the site’s original purpose as a children’s hospital will not be forgotten as the new development takes shape, with the overall project set to be named 1909 in honour of the year the hospital was founded.
Two state-heritage listed buildings were saved from demolition, with Godfrey House and the Old Outpatients Building set to play an important part of the redevelopment.
In addition, the government said that the site’s history will be recognised throughout the precinct, with stories of the hospital to be remembered through text, images and retained artefacts integrated into public spaces and paved areas.
Finally, plans for a children’s memorial are underway, with a space for reflection carved out next to the Old Outpatients Building.
Beyond its residential capacity, the build is also set to host 5,500 square metres of public open space for the surrounding Subiaco community.
Western Australia’s Planning and Lands Minister, John Carey, said that he hopes the project will show the government’s dedication to addressing the issue of housing supply as well as its commitment to honouring the state’s past.
“In recognition of the significant history of the former Princess Margaret Hospital site, it’s vital for its legacy to be preserved and celebrated,” Mr Carey said.
“Subi East will ultimately deliver a project for all Western Australians to enjoy, with public open spaces and state-of-the-art design to revitalise the surrounding areas and create a vibrant urban community.”
He said that infill development, such as 1909, is integral to the government’s plan to tackle housing.
And with the average rental yield in Subiaco sitting at 5.8 per cent, the Princess Margaret Hospital development is sure to attract some investors alongside owner-occupiers, providing some space in a rental market where vacancies currently sit at 0.6 per cent.
“We need to boost overall housing stock, and to do this we need more infill and apartment developments,” Mr Carey said, adding that reforms and funding boosts for infill have been lately easing the path for developments such as 1909 to get approval.
Beyond the residential benefits, Mr Carey said he hopes the project will play an important cultural role in the community.
“Subi East will ultimately deliver a project for all Western Australians to enjoy, with public open spaces and state-of-the-art design to revitalise the surrounding areas and create a vibrant urban community”.
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