Sale through Colliers International to expand Cannington’s apartment market
Perth, July, 12, 2019 – Cannington’s city centre apartment market is set to expand following the sale of a vacant site to an overseas buyer who will be seeking planning approval for a nine-storey mixed-use apartment building.
The development site at 14-16 Leila Street was purchased for $3.35 million, representing a land rate of just over $1,340 per square metre by a Singaporean developer in an off-market transaction negotiated by Colliers International’s Tory Packer.
The 2,497sqm property is just 100m from Westfield Carousel, one of Perth’s biggest shopping centres and a key component in the $76 million regeneration of the new Cannington city centre along Cecil Avenue.
Ms Packer said the revitalisation plans, which would deliver high-density residential accommodation next to Westfield Carousel and a Transit Orientated Development next to Cannington train station, had generated strong demand for infill sites from developers wanting to build apartment and commercial buildings in and around the city centre.
“Work has already started on Cecil Avenue which will be upgraded and landscaped to become a pedestrian-friendly thoroughfare between Albany Highway and the train station,” she said.
“When finished, Cannington’s city centre is expected to have 10,000 new homes for 25,000 new residents.”
Ms Packer said the $350 million redevelopment of Westfield Carousel, which was completed last year, had significantly increased the level of amenity in Cannington.
“The shopping centre now has 330 retailers across fashion, food, lifestyle, dining and entertainment which will help service the city’s growing population.”