DEVELOPERS and investors have a wonderful opportunity to purchase four fully leased 1950s residential strata units forming the whole of the strata as 32 Cook Street in Crawley hits the market via an expressions of interest campaign.
The fully leased asset, that’s sat on 683sq m* of land, offers a premium location just a short distance to Perth’s top university – The University of Western Australia (UWA).
The property is being marketed and sold by Ray White Commercial (WA) Senior Property Advisor Brett Wilkins.
“Perth’s rental market is currently experiencing the lowest vacancy rates in 12 years, down to 1.3 per cent, which has seen rents increase state-wide,” Mr Wilkins said.
“The asset presents the opportunity for development with the state government and local council encouraging new development ventures to support the demand for housing in the area.
“The property would be ideally suited to a developer or investor from the eastern states or Singapore wanting to take advantage of the higher yields in Perth and the surging WA economy.
“It’s just 6km* from Perth’s CBD and benefits from having an array of amenities in its catchment including the Broadway shopping centre, restaurants, cafes, bars, chemist, and post office, to name a few.
“Cook Street is also just metres from UWA, making it attractive for student accommodation. Rental properties are desirable in Crawley with over 50 per cent of the suburb’s accommodation being rental properties with the median price for units being $340 per week.
“These prices are expected to increase in the next 12-24 months pending the re-opening of state and international borders with students outside of WA returning.
“With UWA catering for over 24,000 enrolled students that need accommodation, 32 Cook Street is in an ideal location to cater for this high demand suburb, and benefits both local and international students.
“The property is also serviced by public transport with bus stops on both Fairway and Broadway, which lead directly to the hospital precinct, Swan River’s edge, and Perth CBD.”