This article is from the Australian Property Journal archive
A PERTH-based investor has paid $4.23 million for a 986 sqm city fringe site marketed with potential to accommodate apartments or a mixed use development.
Shane Isaacs of Colliers handled the sale of 378-380 William St, which sits one block from the Northbridge entertainment area and is occupied by an older style warehouse and office building.
Isaacs said 33 inquiries were received during the campaign.
“The property’s size and its location, just 645 metres from the CBD and close to Northbridge’s restaurants and commercial streets, generated strong interest from developers and investors,” he said. “Generous development concessions also made the property an appealing landbank acquisition.”
The sale price reflected a land rate of $4,290 per sqm.
The property had not changed hands for more than 30 years and had been used by the previous owner to accommodate a fashion wholesale business.
“There are limited opportunities to purchase freehold sites at the northern end of William St and this was especially the case for this transaction because it was a larger property and did not have heritage limitations,” Isaacs said.
