17 Aug State Update | Pieter van Rensburg, Director – WA
PDS Group WA is witnessing a renewed and ongoing confidence from private land owners and developers which, in turn, is driving an upsurge in development across Western Australia.
Reeling from the downturn in mining ‘the West’ is rebuilding and PDS Group WA Director, Pieter van Rensburg says he expects the increase in development to continue. Recent commentary by the WA Treasurer indicates that earnings from stamp duty on the sale of property is increasing, the first time in 5 years. With recent announcements by BHP on their new $4.7 billion iron ore mine in the Pilbara, and Talison Lithium’s expansion of their Greenbushes hard rock lithium mine south of Perth, the WA jobs market is finally starting to stir, with the strongest growth in new positions in five years and signs more people are looking for work and taking on extra hours.
“It’s encouraging to see positivity returning to the market, especially in the mining and resources, industrial, retail, commercial, private health and aged care sectors. Over the last 2 quarters, there has been a noticeable increase in development activity across the state with several of the larger projects moving from pre-feasibility and planning into finalisation of development applications and commencement of procurement activities.” says Pieter.
“PDS Group Managing Director Andrew Fortey and I have been meeting and talking with many of the large and medium sized firms in Perth, and the message is clear, Western Australia is back on the radar,” he adds.
“In Perth, PDS Group has noticed an increase in enquiries and projects launching into the planning phase. As we expand our presence in Western Australia, it fills us with confidence to see that the majority of opportunities identified earlier in the year are still present, and in actual fact, the pipeline of opportunities is getting bigger, and more diversified.” says Pieter.
NV Apartments & Hotel, Perth
Already under construction is PDS Group- managed landmark development, NV Apartments and Hotel located in Murray Street, Perth for Fragrance Group Limited, a Singaporean based property developer. The overall development value is in the order of $210M. “NV Apartments and Hotel is an exceptional addition to our portfolio of large scale, mixed use residential and hotel projects”, states Andrew Fortey.
NV Apartments and Hotel is a 33-level building with 401 apartments, including studio/offices, a restaurant and café, and includes a 28-level hotel with 431 guest rooms and three restaurant tenancies.
“Probuild commenced with construction in August 2017 and expected completion of the overall project is December 2019. Currently, the Hotel tower is approximately 1 month ahead of programme. The on site installation of the hotel façade system commenced end of June 2018 and is progressing very well despite Perth’s current wet weather. The apartment tower is on programme with the two-level basement construction complete, and construction of the above-ground car parking across multiple levels progressing well.
NV Apartments & Hotel, Perth
Over the last quarter, PDS Group’s involvement with Zone Q Investment on the eastern seaboard has flowed across to Perth. PDS Group is delighted to announce our involvement with Zone Q Investments in the repositioning of several of their commercial properties on St George’s Terrace, ready for the upswing in the commercial market. A recent Knight Frank market summary states that “The Perth CBD office market is showing signs of recovery, with overall vacancy at 19.8% as at January 2018, the second successive fall since the peak of 22.5% recorded in January 2017. The total net absorption across the market of 22,178 sqm has predominantly been within the Premium/A-Grade stock. Overall vacancy rates for the higher-grade office stock is reported at 14.2% as at January 2018.”
Mercy Health Mandurah Place, WA
The PDS Group Perth office is also growing, with the addition of two new employees over the last quarter with Sarah Cooper and Yohanes Tadesse. We are finding more traction with local, national and international clients based on our reputation and repeat work. PDS Group is continuously looking for new talent to ensure the pipeline of future projects can be serviced with the best possible team.