The Insight | Perth Industrial Vacancy & Market Overview | June 2024
The industrial property sector continues to be the most desirable and top-performing commercial real estate asset class nationwide.
A LOCAL investor has purchased a vacant development site in East Perth as an interstate seller sold 77 Brown Street for $1.44 million.
The 607sq m* site was occupied by a disused café/takeaway lunch bar at the front of the property and a warehouse at the rear, lending itself to a renovation for a variety of uses.
The property was marketed and sold by Ray White Commercial (WA) Joint Managing Director Stephen Harrison.
“This was a land value sale because of its prime location to the Royal Street precinct and Graham Farmer Freeway,” Mr Harrison said.
“We’re seeing that development sites are now rapidly sought-after due to the high demand in the residential market.
“Design policy governing indicates a three-storey height limit, but it’s worth noting that this is a policy not a zoning restriction, so it’s likely that up to four stories could be approved – subject to council approval.
“The asset is just metres from both East Perth and Claisebrook Train Stations, on a bus route, is walking distance to the Perth CBD, and the height limit would provide appealing views over parkland and the CBD.”
*Approximately.
The industrial property sector continues to be the most desirable and top-performing commercial real estate asset class nationwide.
Over the past two decades, the number of data centres around the world has been steadily increasing, with Australia now ranking as the seventh most populous country for these facilities.