This article is from the Australian Property Journal archive
FIVE grouped housing sites, an apartment and a mixed-use development landholding at Carine in Perth's north have been snapped up by builders and developers.
Knight Frank sold two of the grouped housing lots to a local home builder, while three were sold to a developer for a combined price of $3,728,000.
The apartment site fetched $4,400,000 and a building company secured the mixed-use commercial site for $1,475,000.
Knight Frank director Tony Delich said the lots form part of Carine Rise – a joint venture between Cedar Woods Properties, St Ives Group and the state government land and property development agency, LandCorp.
The trio banded together to redevelop the 7.93 ha former Carine TAFE site on the corner of Marmion Avenue and Almadine Drive in Carine.
Delich said the five grouped housing lots were offered individually or as a combination of lots ranging between 654 and 996 sqm, while the apartment site was 5,436 sqm.
He added that the grouped housing lots were all flexible medium density sites with a Residential R30/R60 zoning and two had potential development bonuses. The mixed use/commercial site is approximately 3,400 sqm.
Delich said there was only a very limited supply of grouped housing sites in the immediate area and few that formed part of such an exciting and innovative new development by such high profile and well established developers.
LandCorp chief executive Frank Marra said Carine Rise is one of a number of urban renewal partnering projects which offer a diverse range of housing.
“By rejuvenating underutilised areas in established suburbs we are better able to meet the needs of our changing population,” he concluded.
Property Review
