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Midland mixed-use sales near $2m

The Midland Redevelopment Authority has sold four mixed-use lots and one commercial lot in The Crescent and Keane Street in Midland for almost $2 million. MRA acting CEO Megan Bartle said the lots averaged $407 a square metre, a new high for Midland and an indicator of rapidly rising property prices in the area. In February 2004 the MRA sold an 1839sq m lot on the opposite corner for $313/sq m. ?It shows that Midland is coming of age; astute property investors are now seeing the opportunities the redevelopment offers,? Ms Bartle said. Developer Dibstone Group Ltd bought four adjoining lots in Keane Street for $1,088,850. Dibstone director Kim Woods said the company had identified Midland as an area of growth and potential. ?We are impressed with what the MRA is doing and believe this area will be highly attractive to people relocating here and looking for accommodation and commercial opportunities as Midland develops as a regional centre,? he said. TRG Properties bought a 2,024sq m mixed-use lot on the corner of The Crescent and Keane Street for $825,000. TRG director Barry Panos said the company planned to construct a four-storey building with 41 one- and two-bedroom apartments and 400sq m of commercial space at ground level. ?Midland apartment prices have performed very strongly in the last year and we expect that this trend will continue. We believe that people who buy in this investment cycle in Midland will do very well,? Mr Panos said. ?With the work the MRA is doing, Midland is taking off.? MRA sales agents Paul Conti, of Time Conti, and Ian Mickle, of Colliers International, negotiated the sales. Last year, there were two big industrial sales in Midland by the John Poynton backed Linc Property, which bought two development sites in Midland for $12 million and $11.7 million respectively. Perth developer Nigel Satterley is a joint venture partner with Linc on the $12 million site, located on the Great Western Highway. The sale price of $275/sq m was a significant increase on the $154/sq m achieved by an adjacent property that sold in mid-2003, and it is expected the syndicate will spend between $18 million and $20 million developing the site.

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