A MAJOR development site in the centre of the Scarborough development precinct has been purchased by USA-based Sentinel Real Estate Corporation for $8.3 million at 194 West Coast Highway and 7-17 Manning Street.
The asset, that was a mix of old short-stay accommodation and residential townhouses, offered a combined 3,000sq m* site area and was available as vacant possession.
The property was marketed and sold by Ray White Commercial (WA) Senior Property Advisor Brett Wilkins.
“This major development site has been bought by USA-based Sentinel Real Estate Corporation to further develop their build-to-rent portfolio in Perth, where they already have existing projects in Subiaco,” he said.
“Scarborough is an exciting precinct on the beach 10km* west of Perth that’s now witnessing major rejuvenation as a result of the work by Development WA.
“A development application has been approved for a 24-storey build-to-rent comprising 175 residential units and three commercial units.
“Backed by $30 million from the State Government and $27.4 million from the City of Stirling, as well as many hundreds of millions from private developers, Scarborough is becoming the crown jewel of Perth’s beaches.