This article is from the Australian Property Journal archive
WOOLWORTHS’ development and construction arm, Fabcot, has secured the Western Australian government’s former Princess Margaret Hospital car park in West Perth for $12.375 million, ahead of a field local and offshore developers chasing the large scale infill site.
LJ Hooker Commercial Perth’s Brian Neo and Vincent Siciliano managed the marketing campaign.
The 5,666 sqm site is zoned Mixed Use and was offered earlier this year with approval for three separate lots, but the large scale of the city fringe site, which has frontages to Cook St, Murray St and Thomas St, meant the sales campaign was dominated by enquiries for the englobo offering, according to the agents.
“The market hasn’t been presented with many prominent infill, fringe development sites in recent years. Subsequently, the campaign received enquiry from local, interstate and overseas companies from USA, Singapore and Malaysia,” Neo said.
“Being on the edge of the Subi East Redevelopment Area, the State Government was naturally looking for a purchaser that was able to deliver consistent amenity across more than 5,000 sqm and integrate the site with the rest of the precinct.”
State Treasurer, Ben Wyatt, said “The successful proponent has put forward a proposal that aligns with our broader vision to reinvigorate the area and complement the neighbouring Subi East development,” and a statement from the Minister’s office said that “subject development approval, future development of the site may include a shopping centre and residential apartments”.
Woolworths told The West Australian that it believes “there is a need for a modern, convenient supermarket” in the area.
The site has a development height limit of up to 29 metres. A pedestrian underpass formerly used by specialists to access the hospital from the car park site will be retained in any development.
Siciliano said securing 54 enquiries during the marketing campaign displayed the growing confidence in the Perth marketplace.
“The response to the campaign underscored the unique opportunity that the site and its proximity to the Subi East Redevelopment Area presented. It will be a pivotal project for Perth’s inner-city.
“But the response also illustrates the return of confidence in the city from the development community.”
Last month, ASX-listed developer Cedar Woods entered into an agreement to acquire the former Wembley site in inner Perth for $15.05 million from the City of Subiaco.
The 1.44-hectare site at 133 Salvado Road is close to the redeveloped Subi Centro precinct and is set to make way for a medium-density housing project. Zoning within the SRS2 Bishop Street Precinct allows development of up to six levels.
