Chinese residential developer Zone Q Investments will make its first offshore play in Perth, building a $100 million apartment and commercial project overlooking the Swan River.
The project, known as Pinnacle South Perth, has received development approval from the City of South Perth for a $70 million 20-storey apartment tower and a $30 million seven-storey commercial tower. Located on the corner of Charles Street and Labouchere Road, Pinnacle is the tallest residential building to receive development approval in South Perth in more than four decades.
Zone Q is the Australian arm of Chinese developer JiaHe JianAn Group. It bought the two lots of the site for Pinnacle in 2013 for $10.7 million and has purchased two other sites in WA’s capital, which will develop in the future.
The apartment launch will be in several weeks and all 102 apartments will be offered. In Perth, developers are generally required to have around 70 per cent precommitment for bank financing.
“That they have selected Perth as the site of their first overseas investment and development, and are already planning more, speak to the confidence they have in our market and the opportunities they see for quality residential offerings here,” Colliers International director Jo-Anne Chin said.
The units, a mixture of one and two bedroom apartments as well as penthouses, will be offered for sale through Colliers and Dempsey Real Estate. Architects Hassell are the designers.
The commercial precinct, which will include retail on the ground floor along Charles Street, will be offered for sale through Knight Frank and Ron Farris Real Estate. Zone Q’s parent company JiaHe JianAn has 20 years experience in residential development and is privately owned. The developer has delivered more than 7000 apartments in the past decade, the majority in the Chinese city of Shenzhen.
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