WHILE attention has been focused on the Northbridge Tunnel’s effect on Northbridge property prices, suburbs into which the Graham Farmer Freeway spills are also benefiting.
According to Jones Lang LaSalle research analyst Frank Sorgiovanni, the freeway has boosted industrial land values in Belmont and made access to neighbouring Kewdale and Welshpool areas effortless.
While prices have risen substantially in Rivervale, East Victoria Park and Belmont, according to Mr Sorgiovanni the area’s full potential hasn’t quite been realised.
“Until recently only Osborne Park and Herdsman were regarded as centrally located to the CBD with their access to the freeway.
Belmont is now conveniently accessible to the city and the northern suburbs,” Mr Sorgiovanni said.
The Belmont industrial area contains older obsolete buildings that are continually making way for redevelopment to house corporate headquarters, high tech offices and other design and construct properties, he said.
“Land parcels in Belmont currently range between $145 to $165 per square metre for a typical 2,000 to 4,000 square metre lot.
“Some asking prices have been as high as $220 per square metre for property fronting Belmont Avenue,” Mr Sorgiovanni said.
He said that rezoning by the Belmont City Council of the central industrial area from industrial to business enterprise and, in late 1999 to mixed use, was also fuelling interest.
“These moves will certainly make the precinct more competitive and similar to the likes of Osborne Park,” he said.
