High-rise plot in West Perth hits market

Commercial agency JLL is expecting strong interest from local and international investors and developers for a 4,138 square metre development site brought to market in West Perth.

The site, located at the corner of Murray Street and Coolgardie Street, currently comprises two office buildings and an office/warehouse.

JLL director of sales and investments, Tom Nattrass, said the property had a current annual income of $1.17 million from the two office buildings.

Mr Nattrass said the warehouse development site provided the opportunity to develop a further 10,000-plus square metres of mixed-use product on the site.

The plot has no height restrictions and is also located in close proximity to the Watertown Brand Outlet Centre.

JLL director of sales and investments, Phillip Fogliani, said he expected solid interest from investors or developers seeking to boost their portfolio with a well-located high-rise development site.

Mr Fogliani said a nearby site owned by Finbar Group was recently approved for a 242-apartment complex in a 21-storey tower.

“Add to this the scale, size and height of development proposed within the Perth City Link and other key core CBD mixed-use towers and the future looks bright for 578-586 Murray Street, West Perth,” Mr Fogliani said.

An expressions of interest campaign will close on November 18.