Retirement apartments to be woven into mixed-use development
LOS ANGELES: Retirement apartments are now set to be woven into a new mixed use community.
Businessman JJ Leach is looking for a partner, or a new owner, for the $170 million project that has been 40 years in the making in Claremont.
The JJ Leach Group is seeking to sell all or half of the $170 million Bay View Terrace development project, after recently securing development approval.
The mixed use project was to be Mr Leach’s swan song, a last major project that would reshape his beloved hometown of Claremont with apartments, new shops and a boutique hotel.
A spokeswoman for the JJ Leach Group, Pauline Tew, said Mr Leach been spent four decades pulling together the land required for the project in Claremont, where he had lived for 60 years.
But approvals had taken two years — twice as long as the company had expected — and Mr Leach had reconsidered his own future during that time.
Now 80 years old, he was at an age where he would like to partner with another party. If he could not find a suitable partner, he would be prepared to sell the entire approved project.
Ms Tew would not comment on price but the media understands there are expectations of about $70m for an outright purchase and $35m for an equal joint venture with the owner.
Mr Leach, a pharmacist, has developed and operated 30 franchises of The Friendlies pharmacy outlets, as well as mixed use and retail projects. He recently sold some high-profile property on William St in the city.
The Claremont site is located at 10-40 Bay View Terrace, covering 3264sqm site over 12 combined lots.
The project consists of upmarket retail, commercial and allied health, a small luxury hotel with 30 suites, and 46 two- and three-bedroom apartments, some with views of the City, Swan River, and Indian Ocean.
The hotel is set to take advantage the train line to Claremont.
The project was designed by architects Hames Sharley, balancing modern design with heritage conservation. It retains the historical façade while introducing innovative elements that optimise solar access and panoramic views.
Ray White Commercial’s director of capital markets Brett Wilkins and Andrew Woodley-Page are seeking expressions of interest by December 5.
“This property offers investors a rare opportunity to participate in a high-value project in one of Perth’s most affluent suburbs, known for its high median income and robust discretionary spending,” Mr Wilkins said. “This asset has been meticulously assembled over 40 years, trading in the most prestigious suburb in WA.
“The Bay View Terrace project represents an unparalleled opportunity for investors to be part of a development that will reshape one of Claremont’s most iconic locations.”