This article is from the Australian Property Journal archive
A HUGE inner city Perth site has hit the market for the first time since the early 1980s, with an approved DA in place for a $70 million hardware store, retail and car park project.
The 8,722 sqm property at 533-545 Newcastle Street in West Perth, which has 147 metres of frontage to Cleaver Street, consists of 10 lots occupied by warehouses, offices and yard space, with a total net lettable area of 6,095 sqm.
It is positioned in the City of Vincent’s Pickle District Planning Scheme, just down the road from the Sydney Charles Quarter development site where APPL Group is converting the old City Motors dealership site into a residential, hospitality and commercial precinct.
The Newcastle Street property is being taken to the market via an offers to purchase campaign run by Knight Frank’s Tony Delich and Cory Dell’Olio.
Knight Frank refused to be drawn on the price or the vendors.
Records show the owners are sisters Anita Percudani and Loretta Ricciardi, and the property has been in the same family since 1981.
Sources told Australian Property Journal the property is likely to sell in the range of $15 million to $17 million.
The vendors received development approval in October last year for a four-storey commercial project, which includes a large hardware store, multiple retail tenancies and an undercroft car park of 289 bays with an end value of more than $70 million.
Delich said the site would generate strong buyer enquiry, being in a prime location for a mixed-use development.
“The property has current holding income with the tenants currently in occupation generating approximately $300,000 per year, but it has huge future development potential,” he said.
It is perched on the border of the Perth CBD and sits on the high side of the road, with single level improvements and uninterrupted views to the city.
The Pickle District Planning Scheme location provides scope for a mixed-use development of up to seven storeys, and approval could potentially be given to a maximum of 14 storeys, Dell’Olio said.
He said the locality lends itself to a mixture of development typologies from existing light industrial to retail, residential and other mixed uses.
“This site will be a natural flow on from the nearby Sydney Charles Quarter Development.
“If a large anchor tenant could be sourced then the project would be attractive to investors and developers, especially for a lower-scale development.”
Offers to purchase close at Thursday, 10th October.
