Sentinel Real Estate has snapped up a block 200 metres from Scarborough Beach for its third Australian Build to Rent complex.
Covering 2999 square metres, 194 West Coast Highway and 7-17 Manning Street, Scarborough, were listed for public sale mid-last year.
Yesterday, the local arm of the c$A9.6 billion New York based investment house confirmed the $8.3 million acquisition and well-advanced development plan.
Fifty year old Sentinel recently completed the first stage of its Element 27 BTR project in Subiaco, also in Perth, and which will contain 264 dwellings.
Last May it purchased West Melbourne’s historic Don Kyatts Automobiles warehouse at 164-186 Roden St to deliver more of this product.
Prior to arriving here, it secured $200m from a European pension fund for its Australia Multifamily Hold Trust.
The experienced BTR developer aims to acquire land three to eight kilometres from capital cities near to towers of between 30-40 floors.
GIC, in partnership with Grocon, Greystar and Mirvac are amongst its local competitors (story continues below).
The Scarborough project
Sentinel has applied for 24 storeys at Scarborough – a tower with 175 dwellings over a three floor podium with four commercial tenancies.
The flats are designed as studios or with one, two and three bedrooms.
The building will also contain 215 car parks, 230 bike bays and end of trip facilities for the non-residential users.
A café and park with Filburn St frontage is earmarked too.
If approved, the project will be constructed, leased and managed by Sentinel, which will upgrade surrounding public space.
Scarborough is about 14 kilometres north west of the city.