11/09/2014 - 14:47

Apartments site expected to fetch millions: Colliers

11/09/2014 - 14:47

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Apartments site expected to fetch millions: Colliers
Colliers' Nicholas Agapitos is expecting real competitive tension for the Carr Street site.

A residential development site, primed for apartments, on the border of West Perth and Highgate has just hit the market, with selling agent Colliers International expecting a multi-million dollar result.

The 4,510 square metre site is located on Carr Street, in between Charles and Fitzgerald streets.

The site is zoned R80/Commercial, with a current approved development application for a short-stay hotel development.

Colliers’ Nicholas Agapitos said the site would be extremely attractive for residential developers.

“This is an area of the market that is incredibly active at the moment, with a mix of local and national developers snapping up sites along with newer entrants from offshore,” he said.

“All see a significant amount of opportunity and growth in the Perth apartment market, and locations like this one – which offer an address just minutes out of the CBD, but with equally great proximity to the high street and entertainment precincts like Leederville and Mount Lawley – are very keenly sought after.”

The property is being offered for sale by expressions of interest.

Meanwhile, Colliers has also recently brokered the sale of an industrial warehouse and office property on Victoria Road in Malaga for $2.5 million.

The site has a total land area of 3,547sqm, including a 1,771sqm warehouse and a two-level, 241sqm office.

The deal was brokered on behalf of vendor Gasparre Holdings by Colliers International’s Jeremy Parasiliti and Raj Singh.

The property was bought by privately held firm on behalf of an Indonesian private investor.

Mr Parasiliti said an early offer on the property fell though before the successful $2.5 million cash offer.

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