Perth Approves 47-Storey Tower With 280 New Apartments

A landmark mixed-use development has cleared its final planning hurdle, opening the way for construction to begin in late 2026 on one of Perth's most significant inner-city projects in five years.

The Western Australian Planning Commission approved the 47-storey tower for a prominent site on the corner of William Street and Lake Street in Northbridge on Monday, ending an 18-month assessment process. The development, led by Melbourne-based Vicinity Projects, will deliver 280 apartments across residential levels, with the ground and first three floors dedicated to retail, hospitality, and office space totalling 8,500 square metres.

"This approval represents exactly the kind of density and mixed-use activation Perth's inner-city precincts need," a Vicinity Projects spokesperson said. The project has been valued at approximately $385 million and is expected to create 450 construction jobs over a 36-month build period.

The approval comes as Perth's residential rental vacancy rate remains below 1 per cent—among the tightest in Australia—keeping upward pressure on rents. Current median apartment rents in Northbridge and East Perth hover around $2,100 per month for two-bedroom units, reflecting sustained demand from professionals working in the CBD and mining services sector.

The development's positioning is particularly significant. Northbridge has undergone a marked transformation over the past decade, shifting from a predominantly nightlife and arts precinct to a mixed residential and commercial hub. Nearby, the redevelopment of the old State Library building into dining and cultural venues has anchored foot traffic, while the Perth Cultural Centre's proximity offers additional amenities.

Local real estate data shows median unit prices in East Perth and Northbridge averaging $680,000—aligned with Perth's broader metropolitan median—though newer apartment stock regularly fetches premiums of 8–12 per cent above older housing stock, reflecting strong buyer appetite for modern finishes and amenities.

The Planning Commission's decision follows successful community engagement and modifications to the original scheme, including increased setbacks on the western facade to address overlooking concerns from existing residents in the heritage-listed Perth Mint precinct across Lake Street.

Construction is forecast to commence in November 2026, with stage completions expected from late 2028. Pre-sales for apartments are anticipated to open in early 2027. The development is expected to add meaningful supply to Perth's undersupplied rental sector and bolster the CBD's 24-hour activation agenda—a key strategic priority outlined in the City of Perth's 2025 development framework.

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