This article is from the Australian Property Journal archive
STRONG demand for city sites with holding income and future development potential has delivered a quick sale for adjoining properties on Perth’s Edward St, and is likely to bring more change to the Claisebrook precinct.
The property at 54 Edward St was on the market for just four weeks before it was sold, together with 56 Edward St, for a combined price of $1.775 million through Shane Isaacs of Colliers.
Both sites are occupied by character homes that have been modified for commercial tenants. One leased as an office until the end of 2020.
The properties have a combined land area of 994 sqm with mixed use zoning and density of R100. Isaacs said they were purchased by a local buyer who was looking to capitalise on the area’s long-term development prospects.
He said the Claisebrook precinct on the north side of Graham Farmer Fwy was transitioning from older warehouses and light industrial units into a mixed use area for residential and commercial developments.
“In the past two years six properties in this area have sold to owner-occupiers and developers seeking land parcels that are big enough for mixed use developments that will activate this city fringe area.
“Cafés and boutique shops are opening on nearby streets and these properties have the added benefit of being just 100 metres from the walkway to Claisebrook train station, and minutes from Perth’s CBD.”
