Coogee site in $1.5m sale

A Coogee development site with approval for a medical centre has sold to an owner-occupier group for $1.45 million.

FGMC Property Pty Ltd bought the vacant block at 47 Entrance Road from Saidocs Holdings Pty Ltd, with a view to progressing the existing development approval on the site.

ASIC records show local investors Mohamed Mahmoud Abou El-Alamein, Francis Akinyemi, George Andrawis and Charles Nnaemeka Meribole as equal joint shareholders of FGMC Property.

Saidocs Holdings is jointly owned by Perth’s Parshotam Kumar Gera, Darshan Kothari, Murali Narayanan, Ajay Sharma and Sumit Sindwani.

Sterling Property partner Jake Wallman brokered the deal for the 1,273 square metre site, which has approval for two-storey pharmacy and medical centre.

“This transaction reinforces the recent trend of these kind of DA approved sites being purchased by owner-occupier groups, who can typically outbid developers due to being motivated to realise an operational profit from their underlying business. In this case a GP medical centre,” Mr Wallman said.