Megara’s $240m North Freo project reaches completion

A major milestone has been reached in North Fremantle, with Megara’s landmark $240 million Serai development on McCabe Street now complete, bringing new life and high-quality housing to one of Fremantle’s most sought-after coastal precincts.

Approved in 2020, Serai delivers a premium residential offering comprising 87 apartments and 11 townhouses across two architecturally distinctive seven-storey buildings with both ocean and river views.

Designed by Space Collective Architects and constructed by West to West Group, the development has been tailored to meet demand from the high-end downsizer market, a segment that continues to show confidence in Fremantle’s long-term value.

The development has not been without its challenges.  Originally with an estimated construction cost of $60 million, the project faced significant cost escalation during delivery, with build costs ultimately more than doubling. 

Megara director Jamie Clarke acknowledged the complexity of delivering a project of this calibre in a constrained construction environment, noting that rising costs and competition for resources have reshaped the development landscape across Australia.

The successful completion of Serai highlights the strength of Fremantle as an investment location capable of supporting ambitious, design-led projects. 

Serai is made up on architecturally designed, one, two, three and four-bedroom apartments as well as four-bedroom townhouses and penthouses.  Each residence is complete with high-end finishes, European appliances and sustainable, future-proofed features. 

The development is complete with residences now ready to move into.  Artist impression images can be viewed here.