Development opportunity

TWO character properties in West Perth with a combined site area of 1,568sq m are on the market, to be purchased separately or together.

With larger development sites in West Perth becoming scarce the site, 54 & 56 Ord Street, offers developers the rare opportunity to build over 2,000sq m of office space or more than 30 apartments (subject to appropriate approvals) on a prime West Perth site.

Colliers International’s commercial and investment sales director Ian Mickle said that, despite the development potential that these sites offered, the agency was expecting strong interest from owner occupiers.

“Both buildings offer the potential to be used in their current form as office buildings or medical suites, and with low interest rates prevailing we are seeing very strong demand from owner occupiers,” he told WA Business News.

Mr Mickle said the site also had potential for a strata-titled office development.

He said the success of this type of development had been demonstrated by the newly developed Colin Street offices, which had set new benchmarks for strata titled office suites of $3,000 to $3,500/sq m. Expressions of interest close on October 22.

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