A West Perth development site that will be created by a lot amalgamation, is expected to attract interest from property developers and investors when it goes to market next week.
Located just one block from Perth’s CBD, the 1818sqm Coolgardie Street property includes a character warehouse which has previously been the subject of interest from hospitality operators looking for a venue to base operations.
Landgate is expected to issue a title for the newly created site before the end of 2018.
Zoned commercial, the site is located in the City of Perth Planning Scheme which allows for a 3:1 plot ratio. The property also qualifies for a hotel plot ratio bonus of 40 per cent and a special residential use bonus of 20 per cent.
The property will be sold by Colliers International agents Wayne Lawrence and Tory Packer who said the generous land area, and its city-fringe location, would have broad appeal in Perth’s commercial property market.
Despite some caution in the development market, Mr Lawrence said there was good demand to purchase well-located sites in gateway locations.
“City-fringe sites are among the most tightly held assets in Perth’s commercial property market and we are expecting strong demand from local and offshore developers during the campaign,” Mr Lawrence said.
“West Perth is home to the city’s second biggest office market and as a key gateway to the CBD, it is also a popular location for new residential projects and hospitality operators.”
Ms Packer said easy access to nearby amenity and the warehouse’s potential would also generate interest.
“This site is walking distance from the CBD, Parliament House, Perth Arena and Watertown,” Ms Packer said.
“The 720sqm brick and iron warehouse has a mezzanine area with high ceilings and parking that make it a suitable venue for a hospitality operator and the overall site has hotel or mixed-use development options.”
Ms Packer said the property was also close to public transport.
“Coolgardie Street runs between Murray and Wellington streets, which are serviced by free CAT buses into and out of the city,” she said.
Expressions of interest close on November 21.