Perth (19th April 2023): Leading Perth property fund manager, Westbridge Funds Management, has acquired three adjoining lots at 37 and 39 Ley Street and 16 Philp Avenue, Como as part of an 11-dwelling luxury townhouse project.
The development is the sole asset of the fully subscribed Westbridge Como Fund.
The site, which totals 2379 sqm, was acquired through a combination of on-market and off-market transactions, with the on-completion value of the project expected to be around $13 million.
Mr Damian Collins, Chairman of Westbridge Funds Management, said, “The off-market purchase of a third site at Philp Avenue has been a significant milestone for the Westbridge Como Fund. It not only creates a more functional lot size, it also provides scope for the construction of an additional five townhouses, which will substantially increase the yield for Fund investors.”
Leveraging high demand/low supply
The Westbridge Como Fund will leverage high demand for quality townhouse product, taking advantage of the low levels of supply across the Perth market, in particular, limited competing stock in the Como area.
Each townhouse will be designed to high specifications, and feature a minimum of three bedrooms, two bathrooms and two secured car bays. Eight of the 11 townhouses will feature street frontage.
Mr Collins said, “Our strategy is to develop townhouses of exceptional quality that capitalise on the growing demand for low maintenance townhouse options that combine space, privacy and luxury.
“The Como site offers the additional appeal of a sought-after location just 7.5 km south of the CBD, with a wealth of local amenity, quality schools, and easy freeway access. This is definitely a development that will appeal to professionals, families and downsizers,” added Mr Collins.
Mr Philip Anderson, Head of Development at Westbridge Funds Management, said, “The Como development forms part of Westbridge’s broader strategy to target the ‘missing middle’ of Perth’s housing market – luxury townhouse product appointed to the highest possible standard in a premium location.
“This product is in extremely limited supply, especially across the city’s most exclusive neighbourhoods, and the success of similar Westbridge developments highlights the continued strength of demand in this segment of the market.”
Westbridge has undertaken a number of successful townhouse projects including projects in Dalkeith and Booragoon, and has a number of projects in the planning phase in suburbs such as Cottesloe, Dalkeith and Applecross.
Mr Anderson said, “Adding to the appeal of strong supply/demand dynamics, the townhouse market has not experienced the same level of construction cost escalation seen in the apartment market.
“This further supports the viability of the Como project, which we believe has strong profit potential for investors while meeting robust market demand among Perth homebuyers,” he concluded.
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