A PRIVATE investor/developer has purchased both 272 and 274 Hay Street in-one-line in East Perth for $4,420,000 following a successful on-market private treaty campaign.
The 1,348sq m* site with 25.59-metre* Hay Street frontage had the potential to be developed to 18 levels with a neighbouring site having already received DA approval for that height.
The property was marketed and sold by Ray White Commercial (WA) Joint Managing Director Stephen Harrison.
“The property was a development site with existing buildings and is surrounded by residential, hotel, and retail developments,” Mr Harrison said.
“There are signs of life in the East Perth property market – there are buyers and good prices are being achieved.
“The buyer was a private family with an affinity for the area and they plan on holding onto and leasing the property back.
“272 Hay Street is currently operating as a supermarket and 274 Hay Street is currently operating as a restaurant. The East Perth market is improving and that is evidenced by this sale.”