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.”