Pictured (l-r) Diane de Mol, Managing Director De Mol Investments, Steve de Mol and City of Swan Mayor, Kevin Bailey

The first building in the City of Swan's New Junction precinct was officially opened on August 28, marking a major milestone for the transformational development in Midland's CBD.

De Mol Investments is behind the $18 million, eight-storey mixed use retail, commercial and residential building on The Avenue; the first of two blocks the developer has purchased in the precinct.

Managing Director, Steve de Mol said he has lived and grown businesses in the area for 45 years.

“De Mol Investments is extremely proud to be the first developer to turn soil on the New Junction redevelopment,” he said.

“With the first 70 residential apartments completed and a further 150 to be delivered over the next three years on the way, locals will be able to enjoy vibrant living arrangements in the heart of Midland with a range of various dining options in the ground floor commercial spaces.

“I’d also like to thank those who worked so tirelessly to bring the oval’s vision to fruition, including Graham Harris and Sandra Wallis, formerly from the Swan Chamber of Commerce.”

City of Swan Mayor Kevin Bailey said the opening of the first building on New Junction signifies decades of work, with original plans to develop this site dating back to the 1960s.

"We thank Mr de Mol for his commitment to the future of Midland and New Junction, which is on track to become an iconic, vibrant and diverse destination," he said.

The 11 hectare New Junction precinct will revitalise Midland's CBD with a diverse range of residential and business development together with outstanding new public and community spaces.

New Junction represents $680 million of new construction work, a $990 million boost to the local economy and a $2.2 billion boost to the WA economy. The next milestone in the project is opening the first stage of Weeip Park to the community.

Stage one is scheduled for completion in September and includes a grassed kick about area and a dedicated youth zone including shade sails, a climbing wall, basketball goals, public art and landscaping.

"We are very excited to share the next stage with our community who'll be able to enjoy the open space for generations to come," Mayor Bailey said.

Weeip Park is supported by a $1.3m Lotterywest grant which will go towards important facilities for our young generations to enjoy, including an outdoor youth space and children's play area.

The play area coming in stage two is thanks to a $1 million contribution from the Stefanelli family, and will reflect elements of the classic Australian backyard - a place to tell stories, catch up with friends and play.

Upon completion of the redevelopment, New Junction will boast a total of over 2.3Ha of public open spaces.