Huge development site in West Perth up for sale

• The property consists of 10 lots currently occupied by a mix of tenancies with a total net lettable area of 6,095sq m, but is ripe for development
• It is positioned in the the City of Vincent’s ‘Pickle District Planning Scheme’, just down the road from the Sydney Charles Quarter development site, creating an exciting opportunity for a mixed-use visionary development on the border of the CBD

A huge site ripe for development in Perth’s inner city is up for sale.

The 8,722sqm property at 533-545 Newcastle Street in West Perth, which also has 147 metres of frontage to Cleaver Street, consists of 10 lots currently occupied by a mix of tenancies including warehouses, offices and yard space with a total net lettable area of 6,095sq m.

It is positioned in the City of Vincent’s ‘Pickle District Planning Scheme’, just down the road from the Sydney Charles Quarter development site, creating an exciting opportunity for a mixed-use development on the border of the CBD.

The property is being taken to the market via an Offers to Purchase campaign run by by Tony Delich and Cory Dell’Olio of Knight Frank on behalf of the vendors.

In October 2023 the vendor received development approval for a four-storey commercial project, which included a large hardware store, multiple retail tenancies and an undercroft car park of 289 bays with an end value of more than $70 million.

However, rather than undertaking the development the vendor has since decided to sell the property with the DA in place.

Mr Delich said the site would generate strong buyer enquiry, being in a prime location for a mixed-use development.

“The property has current holding income with the tenants currently in occupation generating approximately $300,000 per year, but it has huge future development potential,” he said.

“It is located on the border of the Perth CBD and sits on the high side of the road, with single level improvements and uninterrupted views to the city.

“The current zoning is commercial, but the site is also situated within the Pickle District Planning Scheme, which provides further flexibility with the potential for a mixed-use development of up to seven storeys.

“It is just down the road from the Sydney Charles Quarter development site, which has recently started groundworks, and will be transformed into a village-style residential, commercial and hospitality precinct.

“This development is exciting for the area and will revitalise the West Perth/Leederville area along Newcastle Street.”

Mr Dell’Olio said the locality lends itself to a mixture of development typologies from existing light industrial to retail, residential and other mixed uses which will create a rich and diverse tapestry of development.

“Development up to seven storeys is preferred but approval could potentially be given to a maximum of 14 storeys,” he said.

“This site will be a natural flow on from the nearby Sydney Charles Quarter Development.

“If a large anchor tenant could be sourced then the project would be attractive to investors and developers, especially for a lower-scale development.”

The Offers to Purchase campaign for the property will close at 3pm AWST on Thursday, October 10.

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