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QUBE Property Caps Off Record Year

QUBE Property Group has capped off a strong 2021 with a significant residential acquisition in Perth’s northern suburbs.

The 7.3 hectare site is spread across three adjacent lots and is bordered by Caporn Street and Saponara Drive in Wanneroo.

The acquisition, which was finalised this week, follows the recent purchase of a fully leased industrial asset in Canning Vale in October and a number of significant milestones across the company’s growing residential portfolio.

QUBE Managing Director, Mark Hector, said that the property would be developed into 110 residential lots, subject to receiving all of the relevant approvals.

The purchase follows a near record year for the Perth based company, which is looking to expand its current asset base beyond WA once borders open in 2022.

Mr Hector said that QUBE had benefited strongly from improved local market conditions and ongoing low interest rates which had fuelled investor appetite for property assets across the commercial, industrial, and residential sector.

“The success of our recent capital raisings, and the evident investor appetite for assets such as these, is of course due in part to strong growth in the property sector across the board but also evidence of the high level of support we continue to enjoy from our investor base.

“We have been around for over 25 years now, with many long term and loyal investors who continue to partner with us based on our strong track record of delivery over a sustained period,” he said.

Mr Hector said that the company had also marked several significant milestones throughout 2021 and was expecting the strong market conditions to continue well into 2022.

QUBE is one of the leading developers in Perth’s growing southern corridor where it has sold more than 500 lots in the past 18 months boosted by Apsley Estate, which boasts the strongest rate of sale in the southern corridor during this period.

“We have invested strongly in this area for almost two decades and have seen it evolve into a thriving residential community.

“While we are prudent in terms of our investment decisions, especially in a rising market, we will continue to look out for further opportunities in this area and develop them accordingly.”

QUBE is also capitalising on residential in-fill opportunities and successfully launched, and sold, its AXIS Townhouse project in Churchlands, comprising 13 architecturally designed homes.

QUBE is set to expand its residential footprint in Perth’s South West on the back of the sale of the final lots at its Stonebridge Estate in Vasse, which is located between Busselton and Dunsborough.

Now sold out, sales and interest in the final stage of the estate surged in the wake of the onset of the pandemic with the final stages selling out within days of release earlier this year.

Mr Hector said the popularity of the estate had grown strongly this year as part of the pandemic induced swing towards the regions and reflected strong growth in regional markets across Australia more broadly.

QUBE is also on track to release a select number of lots at Baudin Cove in Port Geographe early next year and is expecting demand to be similarly strong.

“Busselton has really evolved in the last few years beyond just a summer holiday getaway and is the gateway to the South West tourism and winery region.

“These are the last remaining canal lots available and we are expecting competition for them to be strong,” he said.

“This area will only continue to grow as a permanent residential and commercial base outside Perth and will be positively impacted by the anticipated relaxation of border restrictions early next year and the introduction of direct flights into Busselton from the east coast.”

Mr Hector said that while 2021 had presented its challenges, it had been a strong year for the company with further upswing expected in the 2022 calendar year.

“While, like everyone else, we have been impacted by rises in construction and labour costs post pandemic, our reputation and relationship with our contractors and suppliers has ensured we’ve maintained continuity of a full lot delivery pipeline for homebuyers.

“While Perth is certainly maturing as a market and attracting significant interest from east coast investors, we are also actively looking to markets which deliver value and long-term growth for our investors.

“Once we can get on a plane to the east coast, we plan to actively expand our asset base beyond Western Australia and reconnect more directly with potential investors on the east coast.”