Office action on city fringes

DEMAND for mixed-use commercial properties on the city-fringe at Leederville appears to be heating up as a result of Perth’s tight CBD office market. The centre of the action in recent months has been Oxford Street, where a handful of potential mixed-use development sites have sold for record prices to developers. Leederville-based firm RE/MAX Commercial recently achieved a total sale of $1.8 million for a 392 square metre lot at 257 Oxford Street and a 301sq m lot at nearby 261 Oxford Street. The deal broke its previous record in the street achieved in late 2006 of $1.3 million on a 577sq m block at 197 Oxford Street. RE/MAX commercial director Paquale Cianfagna said there existed opportunities to have properties rezoned to mixed-use and these sites would only rise in value. “197 Oxford Street was purchased with a residential zoning. We helped the previous owner to rezone it to mixed-use R80/Commercial, and it shot up in value,” he said. Realmark managing director John Percudani said the growth of new developments up Oxford Street and out to the intersection of Loftus and Thomas streets was a clear flow-on effect from Newcastle Street having reached critical mass. “There’s enormous pent-up demand for strata space in close proximity to the city so Leederville is now a good alternative office destination,” he said.

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