Large South Perth development site hits the market

A large development site in the heart of South Perth has hit the market, providing the perfect opportunity for large scale developers.

The 3,577sqm site spans over five titles and incorporates 14-24 Hardy Street.

The property is being marketed by Ray White Commercial WA agents Brett Wilkins and Michael Milne on behalf of the collective ownership interests.

Mr Wilkins said the property’s price guide was around $20 million.

“This rare land parcel is positioned in exclusive South Perth and comes with the capacity for large scale mixed use development under the City of South Perth’s new planning scheme amendment No. 61,” Mr Wilkins said.

“The Town Planning Scheme means a developer can build one or two towers allowing for a staged project.

“A fully compliant concept scheme including detailed feasibility has been prepared for an impressive twin-tower mixed development to a height of 42 storeys with a gross building area of 50,939sqm dominated by exclusive residential apartments, also including retail, commercial and short stay components.

“The prime location delivers stunning 360 degree views with nearby aspects of the Swan River and Perth city skyline, South Perth playing fields and Royal Perth Golf Course, the Perth Zoo and across to Kings Park and Matilda Bay Crawley. More distant aspects extend to Fremantle and over the Indian Ocean to Rottnest Island.”

The Swan River foreshore and the cycle path is exactly 220 metres away
Mr Milne said the land parcel would generate significant interest nationally and across the Asia Pacific from large scale institutional developers.

“The exclusive South Perth property is a hot commodity,” Mr Milne said.

“The sizeable land footprint comes with an ultra high plot ratio of 9.8

“Buyers shall receive rental income from the fully-tenanted five free-standing buildings until they develop” Mr Milne added.

The property will be sold via expressions of interest closing on April 28.

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