The strategic benefits of 121 Bank Street
Following the acquisition of circa 4,700m² of land in 2017 we are pleased to present 121 Bank Street, East Victoria Park to market.
Strategically located in a future “station precinct” in near proximity to the Oats Street train station, we made the decision to subdivide the land into two parcels and develop 10 three bedroom, two bathroom, double lock-up garage villas on the first parcel (50% of the full site). These villas are now complete and ready to occupy. The balance of the site is likely to be retained to be developed at a future point following the rezoning of the precinct.
You may wonder why we like this location given its proximity to the train line and Western Power’s Victoria Park substation?
Well first let’s deal with the train line… in every major city around the world, great access to train stations is seen as a major benefit to residents. The WA State Government recognises this and through Metronet is well advanced in improving train stations to enhance transit orientated development.
Recently you may have seen both Federal Liberal and Labor parties commit funds to the removal of rail crossings along certain lines and the Oats Street and Carlisle stations have been identified as being a priority. Whilst the state government progresses their Metronet plans, the Town of Victoria Park is working on its local planning strategy looking toward 2050 with an expectation that the Town’s population will increase from 37,000 to 110,000 and number of dwellings to increase from 17,000 to 54,500.
The town has identified a number of key areas including Burswood Peninsula, the Albany Highway strip, Curtin University and perhaps less known, station precincts along the train line. The below local planning strategy map highlights the location of the Oats Street train station precinct in relation to all that the Town of Victoria Park offers….
Regarding the Victoria Park substation, in the Western Power Annual Planning Report of 2017 it was reported that the condition of the infrastructure on the site had severely degraded and the load was resupplied from the Rivervale substation.
This substation was then de-energised, other than the 66kV switch-gear. Western Power reported that they were investigating the complete retirement of the substation with an anticipated date of the summer of 2020/2021.
The substation sits on a further 5,000m² of land on a corner site opposite the Oats Street train station, across the road from Vic Park Aqualife and abounding our remaining 2,400m² of land. This land presently provides a significant buffer to the new villas built.
With all of the above in mind we have the following view:
- The present 10 villas being offered for sale “From $449,000” represent terrific value to enter the East Vic Park market in brand new three bedroom, two bathroom, single level housing in an up and coming area of an up and coming suburb.
- The “station precinct” is likely to see significant investment over the next 3 to 10 years which will enhance the area in all aspects.
- It is possible that Western Power will develop or dispose of their land once the land is rezoned as part of the amended Town Planning Scheme due in 2 to 3 years, allowing for a significant development to occur. Whilst Western Power have not confirmed this we are unaware of other developing station precinct hubs that have retained an electrical substation in their mix, particularly de-energised ones.
Now back to the villas…121 Bank Street is a boutique complex of contemporary, Australian designed villas to suit the East Victoria Park landscape. Located in close proximity to the Oats Street Train Station, Vic Park Aqualife, South Metro TAFE and only 1.2 kms to the Albany Highway shopping precinct. Not to mention having the Perth CBD, Perth Airport, Welshpool and Optus Stadium close by!
The villas are now complete and ready to move in and include:
- 3 bedrooms (all double sized)
- 2 bathrooms
- Double lock up garage plus additional storage
- Reverse cycle ducted air conditioning throughout
- Modern Kitchen appliances
- Stone bench tops to Kitchen, Bathroom and Ensuite
- Timber laminate flooring to Living areas
- Window treatments
- Alfresco area perfect for entertaining with private landscaped courtyard
- NBN ready (Fibre to the premises)
- 5 different floor plans to choose from
- Options to secure villas already leased at $430 per week unfurnished.
For further information on 121 Bank Street click here.
This is a perfect buying opportunity for young professionals, first home buyers, upgraders, downsizers or investors in a location where opportunity surrounds you!
If you would like to come and have a look at our now complete villas please contact our office on 6144 0700 to arrange a time or visit the home opens scheduled on Saturdays and Sundays.
All the very best
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