A suburb will be reborn as a “leading lifestyle and business hub” with the sale of a 4,234-square-metre development site.
The impending sale of the major land parcel in Leederville in Perth will make way for a “landmark development in the area”, according to selling agents CBRE.
The site, at 661 Newcastle Street, comprises 27 strata lots and is located within the Leederville Masterplan precinct — a local council community project aimed to reinvigorate the suburb over the next eight years.
The site has been earmarked for Regional Centre zoning, which will ultimately support a high-rise redevelopment accommodating ground floor retail and entertainment, with accommodation on the upper levels.
The property, which offers a 68-metre frontage to Newcastle Street, is currently partially leased, providing a solid holding income.
CBRE’s Ben Younger, who along with Michael Milne and Kate Foley has been appointed to sell the property, said the sale was a unique opportunity to be a part of a landmark project on one of Perth’s most sought after “high amenity locations on the doorstep of the Perth CBD”.
“Positioned in the heart of the Leederville Masterplan precinct, this property will play a strategic role in the ongoing redevelopment and revitalisation of this growing area,” he said.
“Not only does this present an attractive investment opportunity due to its current holding income and strong underlying property value, but the potential to develop for a plethora of uses will ensure its success and viability well into the future.”
Strong buyer interest is expected due to the property’s position in an established and thriving inner-city area, fellow selling agent Mr Milne said.
“This is an exciting project that will help reposition Leederville as one of Perth’s strongest markets and ultimately draw investor interest both locally and interstate,” he said.
“This property will leverage off its position in what is already a revered inner-city suburb that is earmarked for significant growth over the coming years.”
The property is being offered for sale via an Offers Invited campaign closing November 24.