South Perth site with potential for high-end residential apartment development up for sale
A vacant site close to the riverfront in sought-after South Perth with the potential for a high-end residential apartment development is up for sale.
22 November 2024
The 1,105sq m property at 4 Judd Street is being taken to the market via an Offers to Purchase campaign run by Tony Delich and Cory Dell’Olio of Knight Frank on behalf of private family.
Given limited sales evidence in the precinct the guide price is around $4.9 million.
Mr Delich said the property was a gateway site into South Perth and when developed, would offer panoramic views across the Swan River, Kings Park and Perth CBD.
“While the zoning allows for various residential and non-residential land uses, it’s believed one of the highest and best uses for the site would be high-end residential apartments,” he said.
“Given the opportunities for amazing views, high-end larger residential apartments would command a premium when it comes time to sell to end users.
“Perth’s residential market is currently very undersupplied, so a residential project would be in demand amongst buyers.
“In recent years, increased construction costs have driven developers to target the premium apartment market which is dominated by owner occupiers looking to downsize.
“Suburbs including South Perth, Como, Subiaco, Leederville and Nedlands have been key target areas for developers looking to build due to the high-density potential, affluent demographics and proximity to amenities.”
Mr Dell’Olio said it was expected there would be significant interest from a wide range of local, interstate and offshore developers given its price point is an affordable entry price for the prime South Perth site.
“It’s a picturesque, premier property just footsteps from the riverfront in the highly desirable suburb of South Perth,” he said.
“It’s a compelling opportunity to undertake a sizeable development in a prime position in South Perth.
“Situated on Judd Street, the property has easy access to the freeway, heading both north and south, and is only a short walk to Mends Street and the ferry terminal, which provides direct access to Elizabeth Quay and the Perth CBD.
“Other attractions and amenities nearby include Royal Perth Golf Club, Perth Zoo, abundant cafes and restaurants along Mend Street and easy access to walking and bicycle paths along the Swan River foreshore.”
The Offers to Purchase campaign for the property will close at 3pm (AWST) on Wednesday, December 4.
