Defence Housing to build 180 units on Queen Victoria Street

The transformation of the East End of Freo is continuing with Defence Housing Australia buying the old Toyota site in Freo for or 180 residential units, of which Defence will retain 30 per cent of the units for defence force families. Full story from the Australia below.

Defence Housing to build 180 units by Kylar Loussikian 

PRIVATISATION candidate Defence Housing Australia has swooped on a central Fremantle residential development with an end value of $120 million.

The site’s vendor, EG Funds Management, confirmed the Fremantle transaction only days after signing a deal with Japan’s largest home builder, Daiwa House, to redevelop the former Allied Mills site in Sydney’s Summer Hill into 300 apartments.

DHA purchased the Fremantle property — believed to be a 4000sq m site on Queen Victoria Street — outright, though EG will remain as development manager on both the Fremantle and Summer Hill sites.

The Fremantle parcel is slated for 180 residential units, and the authority will retain 30 per cent of the units for defence force families.

Commonwealth-owned DHA manages a $10 billion ­portfolio, and has been earmarked as a potential target for ­privatisation by the Abbott government, with investment bank Lazard undertaking a scoping study.

Last week, EG identified both sites as part of a development pipeline worth about $3bn.

Daiwa House’s Australian representative Masaomia Yamadaira told The Australian the company had been searching for development partners since 2011 before striking a deal to take a stake in the Summer Hill project that has a $300m end value.

“Daiwa has an intention to expand its business in Australia from residential development to other types of properties such as commercial and retail which Daiwa has been dealing with in Japan,” he said.

Daiwa plans to take an active role in Australian property ­market as part of its international expansion.

“Daiwa has always believed that the best expansion model to adopt was to partner with skilled and well regarded local ­partners,” Mr Yamadaira said.

“But it also has an intention to work on its own in the future through the experiences of the properties business in Australia.”

Daiwa House is also looking at options outside Sydney, including in Melbourne, Brisbane and Perth.

East End Queen Vic St south existing 5nov09

About Mayor of Fremantle Brad Pettitt's blog
City of Fremantle Mayor

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