Perth-based SM Venture Capital has unveiled its long-awaited $54 million mixed-use development in the heart of Cockburn, but the proposal is almost half the size initially anticipated.
According to a development application, lodged by Space Collective Architects, SM Venture Capital is seeking permission to progress the 191-dwelling plan over five stages across three lots on Veterans Parade and Service Mews spanning more than 8,500 square metres.
The first stage would involve the construction of 21 three-storey grouped dwellings, to be followed by a five-storey mixed-use development featuring 36 dwellings and an office.
SM Venture Capital would then construct a seven-storey development comprising one commercial tenancy and 62 residential dwellings.
The fourth and fifth stages would consist of two six-storey developments with 72 dwellings between them.
While the proponent had sought discretion for the land use, setbacks, landscaping and parking, the City of Cockburn’s design panel considered the development to be of high quality and one that would cement Cockburn Central West’s place as a destination point.
The city’s council has already backed the proposal, recommending the Metro Outer Joint Development Assessment Panel conditionally approve the plan when it meets next week.
But the plans appear to be almost half the size initially anticipated.
The submission comes almost six years after the developer purchased the three lots from the state government’s land agency LandCorp for more than $5.3 million.
The three lots are situated at the site of LandCorp’s, now DevelopmentWA, highly anticipated Cockburn Central West development.
At the time, the company’s former Malaysian owner Seri Mutiara told Business News it intended to build three apartment buildings across the three lots and develop more than 390 apartments – constituting an investment of more than $100 million.
The JDAP reviously approved a 96-dwelling development for 1 Veterans Parade, but that approval has since lapsed.
