A stalled $180 million high-rise development on the prized South Perth foreshore is poised for a dramatic revival after two former Royal Australian Navy engineers stepped in to salvage the project.
Project Seeks Crucial Time Extension
The future of the 27-storey tower, named The Pearl, now hinges on a decision by the Metro Inner Development Assessment Panel (MIDAP). The panel will consider the City of South Perth's recommendation to grant a crucial one-year extension for construction to begin. Substantial works were originally required to start by February 20, 2026. If approved, this deadline will be pushed back to February 20, 2027.
The ambitious project, located on both Lyall Street and Melville Parade, fell into limbo last year after the original developer, Dragon Century, went into liquidation. This left the planned tower, which promises 113 dwellings mixing high-end and affordable options, in a state of uncertainty.
Former Navy Engineers Take the Helm
The lifeline has been thrown by former navy colleagues Josh Letcher and Dan Mendocca, who have formed their own company, Velentes. Their firm is now in the final stages of acquiring the 2,976-square-metre site, with settlement anticipated around the middle of this year.
Mr Letcher told The Urban Developer that after a revised feasibility study, the project could be completed for approximately $129 million. This figure is a significant $51 million less than the original $180 million proposal. He stated the goal is to deliver "good-priced" apartments with high-quality finishings, ensuring residents receive the quality they pay for.
Redesigned Plans for a New Future
The project has undergone key design changes by Perth-based Space Collective Architects, which were approved by the city in October 2025. The original design by Hillam Architects was approved back in 2020.
Notable revisions include:
- Removal of the underground car park due to the high water table near the Swan River.
- Replacement of commercial space across four levels with membership-based short-stay accommodation.
- A reduction in vehicle parking requirements, with additional bays made available on level two.
The development is designed to offer residents premium amenities, including a cinema, gym, pool, open-air activity spaces, massage room, lounge, residential library, and a sky garden. Mr Letcher confirmed that Velentes would source both local and international suppliers for the build.
The potential revival of The Pearl marks a significant turn of events for the South Perth skyline and provides hope for a key waterfront site that has been dormant for over a year.
