Local investor snaps up East Perth development site for $1.9 million

Three East Perth free-hold titled lots, ideal for redevelopment, have sold for $1.9 million.

Located at 51-55 Wittenoom Street, the properties comprise 912sqm combined land area with residential/commercial zoning and a plot ratio of 3:1.

The properties also include two functional warehouses, with the larger warehouse currently occupied by Eagle City Mission.

The property was brought to market by Ray White Commercial WA agents Michael Milne and Stephen Harrison on behalf of a syndicated development consortium.

“The vendor decided to sell rather than progress with the development,” Mr Milne said.

“The property was acquired by an astute local investor who recognises the future value upside when high density construction becomes viable, and is content to keep the existing buildings occupied in the medium term.”

Mr Harrison said while the demand for development sites had been subdued due to volatile construction costs, the market in the East Perth area was still very strong.

“The entire Claisebrook Cove waterfront area was largely light industrial warehouses until the WA State Government formed the East Perth Redevelopment Authority to transform into a vibrant metropolis – our first major local infill project,” he said.

“Wittenoom Street and the surrounding precinct is now largely developed with attractive medium and higher density residential, together with offices, bars, and restaurants, close to Optus Stadium.”

Up to Date

Latest News

  • New 10 year tenant at Perth’s Council House

    Council House will have a new tenant after level 3 was leased to McWilliam Davis Lawyers. Ray White Commercial WA director of commercial services Luke Pavlos brokered the deal, with the 753 sqm floor leased for 10 years at a rate of $375/sqm per annum. Mr Pavlos identified and secured … Read more

    Read Full Post