A vacant block of land in Jolimont has sold for $4.35 million in an off-market deal.
The property was bought by WBG Property, the developer behind the successful Belle Parc Residences in Victoria Park.
“Fresh from our success at Belle Parc Residences, we have chosen this Jolimont site to continue our legacy of creating homes that re-define luxury and comfort,” project director of WBG Property Jay Wan said.
“For our Jolimont project, we are yet again imagining new possibilities. Watch this space.”
The 2,305sqm site, located at 187 Salvado Road, is R80 zoned which enables four to six storey residential development, with a plot ratio of 2:1.
The planning framework provides for in excess of 40 residential apartments and up to six storeys.
The sale was brokered by Ray White Commercial WA senior commercial property advisor Michael Milne on behalf of a local developer.
“The property is in the perfect position of both size and scale,” Mr Milne said.
“It’s a 2,305sqm rectangular site situated at the front of the award-winning Parkside Walk residential estate, a boutique inner western suburb location.
“It’s a disused local council depot site, created by DevelopmentWA and the Town of Cambridge.”
While the market for development sites has slowed, Mr Milne said the market in Perth’s inner western suburbs was still strong.
“Development site sales have been a challenge due to building cost and capacity to complete issues, which is a widespread problem,” he said.
“That stated, the local Jolimont/Wembley market is strong.”