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One Richardson Apartments
BECAUSE ALL HISTORY IS IMPORTANT series
(2020-2021 stalled construction site photos pending... locating in process)
South Perth Station Precinct Vision
It took the City of South Perth approximately eight years to formulate their South Perth Station Precinct vision, based on plans for a future train station to service their area.
(One Richardson site highlighted in yellow)
The vision promoted South Perth as a high-residential area, with “no restriction on height limits, first floated in late 2006”. By altering their planning scheme and to encourage developers to pursue large-scale projects, the City of South Perth could “achieve the density required to facilitate the construction of a train station at Richardson Street”.
Finally in January 2011, the Station Precinct vision was adopted by the council and endorsed by the Western Australian Planning Commission. The process of endorsement means that the “local planning schemes must be consistent with the relevant Regional Planning Schemes”.
This led to a new wave of development proposals being lodged, including the One Richardson apartment complex. By 2015, more than $1.5 billion worth of projects had been approved in South Perth, which was expected to increase to $2 billion in the near future.
Despite no confirmation being issued for the construction of a train station to serve the South Perth precinct, Probuild jumped on board to start the first development with One Richardson, when the green light was given by planning authorities in 2013.
In December 2024's South Perth’s Ordinary Council Meeting minutes, Councillor Glenn Cridland asks what happened to the South Perth Train Station proposal. Whilst “it hasn’t been an immediate priority for the State to date,” Chief Executive Mike Bradford stated that he recalled a Local Member commenting that the Government would construct the Train Station after (redeveloping?) the Canning Bridge Bus Interchange (p.149).
Development Application
Designed as a 13 storey 70-apartment residential building with a 10-storey, 6,000sqm commercial component incorporating and a 145sqm café, Devwest found obtaining finance for the project almost impossible due to the commercial side of the development, at a time when vacancy rates had jumped from 0% to 20%.
With shallow foundations to support the building, construction would consist of precast panels, concrete floors and a metal roof. An approximate 2.3m-2.8m deep basement would incorporate a car stacker on the eastern half of the site (Report on Geotechnical and Environmental Study, Galt Geotechnics. 2013, p.5).
Devwest, in collaboration with builders EMCO, architects MJA Studio and interior designers MKDC were finally set to construct the troubled One Richardson development in 2022. The residential building will consist of 70 apartments ranging from one to three bedrooms, with The Richardson Centre located on the corner of Melville Parade and Richardson Street being offered up as commercial space.
Devwest Group
As an Australian-wide development company based in Subiaco, the company that became Devwest Group Pty Ltd was established in May 1996, operating under the business names:
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Devwest – registered on 21 September 2005 (current)
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Devwest Group – registered on 20 October 2005 (current)
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Devwest Property Holdings – registered on 20 October 2005 (current)
Previously registered as Devwest Pty Ltd, they operated under the business names:
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Central West Renovations – registered on 28 April 1997 and cancelled on 28 November 2000
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Developments West – registered on 20 May 1996 and cancelled on 22 March 2005
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Devwest – registered on 25 September 2000 and cancelled on 10 November 2003.
Registered as a private company from 04 August 2011, other business names Devwest Group Pty Ltd operated under include Devwest Commercial and Devwest Residential:
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both registered as businesses on 21 September 2005 and cancelled on 23 April 2021
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both registered as companies on 12 May 2008 and cancelled on 12 May 2015.
The Start of Construction
The One Richardson development was set to be a 13-storey apartment complex, with construction starting in 2014 and finishing two years later.
In 2015, it was being advertised as a 14 storey, mixed use development (perhaps including the basement), with other reports of it being a 17-storey development.
The installation of rebar was well underway in January 2015 but a short time later, Probuild left the site and redeployed their workers to other sites. Only six months of work had passed and the site had little to show for it. Probuild would late enter administration in February 2022.
Devwest director Chad Ferguson stated that, “a new finance facility was being finalised and the construction contract had been re-tendered”. Two companies were bidding for the contract and work was expected to recommence in March 2016. With market conditions being blamed, it never did.
No progress was observed until June 2018, when a cement truck was seen outside the One Richardson construction site and sales were relaunched online. A new completion date of June 2019 was given. A number of online forum comments state that Broad Construction were to re-continue construction but never proceeded.
Sincap Group
Singapore company Sincap Group, an investment holding company, requested settlement in September 2018 for the finances they invested in Devwest Group and Richardson 1, the entity behind the South Perth Project. It culminated from a long-running commercial dispute, after Sincap lent $4.7 million to Richardson 1 Pty Ltd in 2015 but the “market downturn meant the project did not proceed to completion”.
Whilst Devwest paid back $1.95 million in September 2015, they were unable to meet the deadline extension of September 2017 for further payments. With an interest rate of 17.5 per annum, the debt continued to grow.
A settlement between Sincap, Devwest and 1 Richardson came to an agreement with $1.77 million to be paid by the end of September 2018 and a further $2.3 million plus interest due by the end of September 2020.
Cresco Investments
Hong Kong-based funding partners Cresco Investments, filed a lawsuit against Devwest Group in March 2022. It was the result of no payments being received for the finance they’d invested into the One Richardson development, when a capital agreement had formally been made between Cresco, Devwest Group and Richardson 1 in January 2021.
Cresco Investments alleged that Devwest executive directors Damon and Chad Ferguson and Devwest founder and director Tony Hatt failed to pay Cresco as agreed.
Cresco were now claiming the amount of $1 million “plus interest accruing at the rate of 20 per cent per annum on monthly basis”.
Primewest
For more than a year, Devwest worked closely with Development Finance Partners (DFP) to go back to “first principles and re-design the complex capital structure of the One Richardson-Richardson Centre development from the ground up,” before engaging Primewest-backed Centuria Bass for finance.
Primewest Pty Ltd was registered as a company on 21 December 2022.
Centuria Bass Credit Pty Limited is an “Australian investor and alternative asset manager”, specialising in funding from real estate to “mid-sized companies, entrepreneurs, property developers and investors”. They were established as the result of a joint venture between Bass Capital Partners (established 21 June 2016) and Centuria Capital Group in April 2021.
In October 2022, Perth-based real estate funds manager, Primewest announced that it had “formally adopted the brand of its parent company, Centuria Capital Group” and would herein be solely known as Centuria.
Construction Recommences
March 1, 2022 marks a milestone, with construction recommencing. The One Richardson development would finally be constructed to completion. A Comansa 21CJ290-18T hammer head tower crane was installed on the site shortly after.
February 2023
August 2023
One Richardson reached Practical Completion on 20 December 2024, with residents expected to move in from mid-January.
Devwest today
Centuria Bass chief executive Nicholas Goh was quoted as saying, “it has taken strong leadership to bring this project to life” and despite the support Devwest has received over the past decade, no truer words could describe Devwest themselves.
Time and time again, the media reports on developers walking away from projects. I’ve been monitoring the apartment developments that have or are in the process of being approved for some six years now and there are some 150 projects that are yet to start.
Of course, developers need to sell a required percentage of apartments before they can proceed with construction but the associated costs and apparent lack of skilled workers seems to continually pound the construction industry. Hundreds of construction companies, businesses and contractors have called it quits or gone into administration over the years and the repercussions are always felt widely.
So for Devwest to not give up and keep chasing the dream of realising the One Richardson development, is nothing short of damn impressing and it feels like very few companies can stake this claim.
Over the years, Devwest have completed a large number of high-quality projects from homes to shopping centres, commercial developments and of course, apartment buildings. Some of their projects include the 80 Stirling Street student tower, Wattle Grove Shopping Centre and a number of apartments in Subiaco, Burswood and Como.
That’s a lot of projects they’ve seen right through to the end, which certainly shows they’re not going anywhere and care about their solid reputation!
One last note...
It’s certainly commendable Devwest paid back all the finances they received through investments over the years, despite whatever struggles they were experiencing at the time.
Over and over again, we hear about egoistic pompous twats who don’t bother paying back debts and investments and just decide to enter voluntary administration in order to avoid being held responsible. Unfortunately, it seems like many of these scoundrels resurface a short time later to do it all over again, instead of fatally drowning!
Please note: I am not affiliated in any way, shape or form with Devwest or any of the forementioned companies on this page, nor do they even know of my existence or interest.
