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.”