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- Ultima United (UUL) reaches an agreement to buy a plot of land at 8 Parker Street, Northbridge, Western Australia for a mixed-use residential development
- The property is made up of three different lots totalling 548sqm with two frontages, purchased for $2.9 million plus GST
- The project is located in the Northbridge cultural sector, within walking distance of retail and commercial installations in the CBD
- Ultima said in the future the project will serve as the company’s flagship development and, among other things, will be one of the “beacons of a new and better Perth city”
- Shares in Ultima United are down 8.99 per cent to 86 cents each at 2:00 pm AEDT
Ultima United (UUL) has reached an agreement to buy a plot of land at 8 Parker Street, Northbridge, Western Australia for a mixed-use residential development.
The property is made up of three different lots totalling 548sqm with two frontages, purchased for $2.9 million plus GST.
Ultima said the City of Perth has already approved the building of a multistorey — up to 12 levels — mixed-use residential complex on the land.
The company expects the settlement to occur in February 2022 with the project’s name to be finalised at a later date.
The project is located in the Northbridge cultural sector, within walking distance of retail and commercial installations in the CBD.
Furthermore, the Western Australian Government has announced the development of Edith Cowan University’s new campus at nearby Yagan Square near the Horseshoe Bridge in Perth’s CBD, which is due for completion in 2025.
The new ECU campus will boast approximately 10,000 students and more than 1500 employees.
Ultima said in the future the project will serve as the company’s flagship development and, among other things, will be one of the “beacons of a new and better Perth city”.
The company believes that, in addition to these considerations and the eventual opening of international borders, the project will provide considerable value to the company, its shareholders, and society at large.
The company will immediately commence discussions with key stakeholders on the project’s construction and will offer further details as they become available.
Shares in Ultima United are down 8.99 per cent to 86 cents each at 2:00 pm AEDT.
