27th May 2015.
Construction will start this week on the Dalgety Woolstores in Fremantle — to be converted into the $130 million Heirloom Apartments after a long pre-sales campaign. In one of WA biggest residential heritage renewal projects, the woolstores will accommodate 183 apartments with outlooks over the Fremantle Port, Queen Victoria Street and a newly created internal streetscape.
Boutique developer Match and joint venture partner Sirona Capital will develop the 90-year-old landmark, which stretches along Queen Victoria Street in Fremantle’s east end. Apartment pre-sales started 21⁄2 years ago and reached 70 per cent. Match managing director, Lloyd Clark said that while heritage renewals were complex, their inherent value was immeasurable.
“Heritage renewals are often considered by banks to carry more financial risk and, as such, the banks are more cautious in lending and require higher pre-sales,” he said. “We have worked tirelessly to meet the requirements of this project with full support from the City of Fremantle, which recognises how much this project will bring to the local economy.” The City of Fremantle is trying to revitalise the Port City.
“Heirloom is a project that is particularly close to our heart, because it shows how sensitively restoring heritage buildings for modern use can have significant commercial and community benefits,” acting Fremantle Mayor Josh Wilson said.
The Heirloom renewal was designed by Dominic Snellgrove from Cameron Chisholm Nicol and will be constructed by Built. It will be home to about 250 new residents. Heirloom is expected to be finished in 2017.