A rare investment opportunity in a construction-ready, development-approved project in the heart of Subiaco
Target Return: 20% IRR*
Following a high-demand first raise, we are pleased to advise that Tranche 2 of the Westbridge Subiaco Fund is now open for investment.
This second and final tranche provides a rare opportunity to invest in a development-approved project located in the heart of Subiaco, just 4kms from Perth’s CBD.
Situated adjacent to the iconic Regal Theatre, the proposed development – Regal Subiaco – has moved swiftly through key milestones and is now in the final stages of progression to site and funding, positioning the project for construction to commence in Q2 2026.
This is a unique opportunity for wholesale investors to gain exposure to a construction-ready development in one of Perth’s most tightly held suburbs, with the final raise already more than 70% subscribed and limited spaces remaining for investment.
Key Investment Information
Development Overview: 62 apartment mixed-use development across eight storeys, with basement parking and 500sqm of ground floor commercial space to be sold as strata lots
Address: 484 Hay Street, Subiaco, Western Australia
Target Return: 20% IRR* (What is IRR?)
Target timeframe: 30 – 32 months
Minimum Investment: $100,000
Eligibility: Open to wholesale investors only (What is a wholesale investor?)
Investment Highlights
- Development Approved: Planning approvals secured, with the project now transitioning into the delivery phase, materially reducing planning and execution risk
- Project progression: Construction documentation has been completed and issued to the builder to update their tender price for contract execution, with several pre-construction sales already secured indicating strong demand from buyers
- Market tailwinds: Perth is the strongest performing residential market in Australia, supported by structural undersupply and sustained population growth
- Timing advantage: The project is positioned to capitalise on a tight inner-city market, with forecast sales price growth during the construction period
- Prime location: Town Centre site in the heart of Subiaco, 4kms from the Perth CBD, with limited directly competing stock and strong underlying demand
- Strategic collaboration: Located directly next to the iconic Regal Theatre, the development has collaborated with the Regal Theatre Foundation to deliver enhanced amenities and differentiated mixed-use outcomes
- Staged payments: Investor funds are due in three instalments as project milestones are completed
- Award-winning: The project won top tier at the Planning Institute of Australia Awards for Innovation, performance and collaboration
Fund Timeline
Prime site, iconic location
- The unique 1,827sqm site is situated next to the heritage-listed Regal Theatre in the heart of Subiaco
- Transactions of this kind are extremely rare, with the site having been held by its previous owners for almost 30 years
- The mixed-use development will comprise 62 apartments and five ground floor commercial tenancies designed in conjunction with Perth-based architects, Space Collective
- The development will include a mixture of 1×1, 2×2 and 3×2 apartments to appeal to the young professional and downsizer markets, with the upper levels boasting stunning city views
- Demand for the commercial tenancies is expected to be strong given the revival of Subiaco and the site’s town centre location
- Demand for the commercial tenancies is expected to be strong given the revival of Subiaco and the site’s town centre location.
- The development application has already progressed through initial phases, with support for approval indicated from the City of Subiaco and Design Review Panel.
- Formal lodgement of the development application is targeted prior to the issue of the IM, with Development Approval targeted before settlement to reduce project timeframes.
- Discussions are well progressed for the Regal Theatre to acquire part of the retail tenancies.
Property & Location
High demand, Established Suburb
Located just 4km from Perth’s CBD, Subiaco has experienced a resurgence in recent years with projects such as ONE Subiaco and the renovation of the heritage-listed Subiaco Hotel breathing new life into the suburb.
These revitalisation efforts are a key driver behind Westbridge’s selection of this site for development, with the suburb’s vibrant culture, proximity to employment, unparalleled amenity and excellent public transport making it a sought-after destination for apartment living.
Perth’s strong market outlook
- Perth’s property market is currently experiencing an upswing, driven by the combination of low stock and strong buyer demand
- Recent escalation in construction costs has hindered apartment commencements, further constraining available supply and intensifying competition among buyers
- Independent data and engagement with our key builder partner on the project suggest that construction cost growth is likely to continue to, positioning the project well at completion
- The combination of these factors is creating a strong outlook for the apartment market, with apartment sales prices expected to continue rising over the next 12-24 months
Site and surrounds
*Target returns are not promised nor guaranteed and are based upon a number of assumptions. Their achievement is subject to risks. The target return range is a target only, not a forecast and it might not be achieved. Please refer to the IM for more information, noting the section on financial information and risks before deciding whether or not to invest. Units in this Fund are issued by Westbridge Funds Pty Ltd ABN 33 652 852 214 AFS License number 533936 as Trustee of the Subiaco Fund. Momentum Wealth Projects Pty Ltd (ABN 29 090 792 439) t/a Westbridge Urban is the investment manager of the Fund (Manager). You can obtain a copy of the IM and application form by calling 08 9321 5566, emailing [email protected] or visiting www.westbridgefunds.com.au. ^Open to wholesale investors only.