A sizeable development site has come onto the market, with both retail and residential opportunities.
The 13,130-square-metre beachfront property at 434 Safety Bay Road in Perth’s Safety Bay sits on the corner of Malibu Road and provides 80 metres’ frontage to Waikiki Beach. A development approval is in place for a multi-staged development comprising 190 apartments and more than 2,000 square metres of retail and commercial space.
CBRE’s Michael Milne said the property’s beachfront position and favourable zoning presented strong opportunities.
“This significant site is suitable for a broad range of mixed-use development options including retail, fast food, hotel, serviced apartments, aged care, and high-rise residential apartments. Accordingly, we anticipate competitive interest from local, interstate and international buyer groups,” he said.
CBRE’s Matthew Elliott said the property’s size and development potential gave investors various options.
“Buyers have the comfort of the recent planning approval which provides for a three-stage seven-level project, or can opt for alternative development and subdivision strategies.
The site is being sold by CBRE via an Offers Invited process closing 21 September.