31/03/2022 - 10:04

Nguyen buys more Cottesloe land

31/03/2022 - 10:04

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The Perth doctor who recently sold 120 Marine Parade has bought a nearby development lot for $5.8 million.

Nguyen buys more Cottesloe land
31, 33 and 35 Jarrad Street Cottesloe.

Michael Nguyen, who sold the Marine Parade site where Gary Dempsey’s had planned to build a $22 million apartment complex, has bought a nearby development block.

The sale of 120 Marine Parade came as a shock to Mr Dempsey, whose plans for the site were approved by the state government in 2020 after a long and public battle with the Town of Cottesloe.

Developer and architect Barry Baltinas bought the Marine Parade site for $13 million earlier this year, progressing his own plans to build an apartment complex on the site that recently blew out to $26.3 million.

Mr Dempsey is suing Perth doctor Mr Nguyen and his business partners for the unexpected sale, claiming it left him more than $620,000 out of pocket and deprived him of the opportunity to earn $5.1 million in profits.

It is understood the dispute is being settled as the Marine Parade deal settles. 

Mr Nyuyen this month has purchased a 784 square metre block at 31, 33 and 35 Jarrad Street in Cottesloe for $5.8 million, from local investors Paul and Suzanne Finn.

The site consists of three adjoining lots containing three single-story aged empty commercial buildings, two of which were leased prior to settlement.

LJ Hooker Commercial Perth executive Jack Bradshaw, who helped broker the off-market deal, said the land was sold for $7,400/sqm, a near record for the area outside of the Boatshed sale.

“The property appealed due to the redevelopment potential in a sought-after Western Suburbs location surrounded by local amenity and transport links,” he said.

“Although a different offering this will go down as a milestone sale in Cottesloe similar to the Boatshed at 40 Jarrad Street in 2017 which sold for $10 million.”


31, 33 and 35 Jarrad Street, Cottesloe. 

Mr Bradshaw added that he was excited to see the buyer transform one of the last remaining undeveloped sites in the Cottesloe town centre precinct.

“I have recently leased the vacancies on behalf of the Buyer providing holding income for the short-medium term.”

 

 

 

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