Perth developer Hesperia is making progress with its East Perth plans after acquiring a site previously earmarked by Pindan for a $100 million apartment project.
Perth developer Hesperia is making progress with its East Perth plans after acquiring a site previously earmarked by Pindan for a $100 million apartment project.
The Adrian Fini and Ben Lisle-led company today confirmed it has acquired 52 Lord Street in East Perth.
The company paid $11.55 million for the asset, in a deal brokered by Ray White Commercial WA's Brett Wilkins and Luke Pavlos.
Hesperia announced veterinary specialist Small Animal Specialist Hospital (SASH) has signed a long-term lease to move into the Lord Street building and open early next year.
The East Perth site was previously owned by construction company Pindan Capital and Ao Qing Investment.
Pindan received approval to build a 214-apartment building, to be known as Alto, on the site but the approval was understood to have lapsed in 2017.
In 2021, Pindan group went into external administration.
Hesperia director Rowan Clarke said the acquisition of 52 Lord Street was another example of the company’s interest in strategic precincts within the CBD, particularly the east end of the city.
“Hesperia’s long-term vision is to undertake and encourage redevelopments in East Perth to ultimately create an inner-urban lifestyle corridor that connects into the Perth CBD,” he said.
SASH hospital director and emergency and critical care specialist Claire Sharp said the site was the ideal location to expand its services to the west coast of Australia.
“Following an extensive two-year search, 52 Lord Street was identified for its strategic location and linkages, which will enable us to meet the needs of the greater Perth metro area and will assist in attracting much needed, high quality veterinary talent for Western Australia,” she said.
“SASH Perth will be a unique multidisciplinary veterinary hospital, offering services such as 24/7 emergency and critical care, internal medicine, surgery, anaesthesia, diagnostic imaging and more.”
SASH will occupy the 2,208 square metre sized building, which was formerly Officeworks, and will start fit-out works mid-year.
Ray White Commercial WA brokered the deal through an expressions of interest campaign.
“52 Lord Street is a landmark site, enabling tenants to maximise its fringe CBD location and exposure, with four street frontages,” Ray White capital markets director Brett Wilkins said.
“The property, which is located 1km from the Perth CBD and other key employment centres, including Royal Perth Hospital, North Metropolitan TAFE, Department of Education and the new Edith Cowan University campus in East Perth town centre, will also benefit from future development opportunities.”
Ray White commercial services director Luke Pavlos said the property’s strategic location had attracted a competitive bidding process including owner occupiers, developers, and value-add investors.
“The seller ultimately selected Hesperia’s bid, and now knowing that SASH will be the occupant of the site, its fantastic outcome for the property which will add a much need service and activation to that end of town,” he said.
“Demand for these types of repurposing assets remains strong in the locality and we have numerous buyers seeking further opportunities.”
MyCar Tyre and Auto, formerly Kmart Tyre and Auto, will continue to occupy the smaller portion of the Lord Street building having leased the property since 2001.
