$10.75m record for South Perth site

COLLIERS International Perth has sold a 3,131 square metre waterfront development site in South Perth for a record $10.75 million to an offshore purchaser. Currently a single residence occupies the site, 63 South Perth Esplanade, but the R80 zoning in the area will allow up to 25 apartments to be built. Colliers International manager of residential projects, Dean Rafferty, said the site was sold through expressions of interest and that he had been inundated with enquiries. “The record price shows the high demand for ultra luxury apartment development sites, however the area has already been well developed and top quality development sites are becoming very hard to secure,” he said. “The demand for this type of apartment means that developers are now scouring the market to secure the limited number of premium sites available for this type of development – national and international developers are seeking out the right development sites.”

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