Leederville to catch wave

LEEDERVILLE could become the centre of the next wave of office development.

NSC Corporate director Steve Carulli is one real estate player who believes the area’s time has come.

Mr Carulli, who has listed for sale one of the largest parcels of land in the Leederville area, believes surging commercial rental values in West Perth and the CBD will push development in Leederville over the next three years.

“Over the past year, office rental prices in West Perth have soared to over $205 a square metre because of falling vacancy rates,” Mr Carulli said.

“Subiaco is the only alternative location for major new office redevelopments that is close to the CBD and West Perth areas.

“However, land values in Subiaco are becoming relatively expensive for office accommodation because of the major growth in residential retail development in the area.”

Mr Carulli believes many parts of Leederville being used for light industrial and warehousing are ripe for office redevelopment.