It sits alongside fellow Leighton Beach icons Dingo Flour and Matilda Bay Brewery on rare earth between the Swan River and the Indian Ocean, but the OneSteel site looks set to leave its industrial past behind.
It sits alongside fellow Leighton Beach icons Dingo Flour and Matilda Bay Brewery on rare earth between the Swan River and the Indian Ocean, but the OneSteel site, formerly home to Tubemakers' Perth operations, looks set to leave its industrial past behind.
OneSteel site owner and property developer Michael Hodgson is understood to have recently offloaded the 3.1-hectare site to West-Perth based financial services firm SAS Global for around $61 million.
SAS Global confirmed to WA Business News this week it was under contract to purchase the property on the corner of McCabe Street and Stirling Highway, but would not reveal a price.
Mr Hodgson has owned the prominent site for more than five years and is believed to be in line to pocket a small fortune after paying just $8 million for it.
The Nookenburra Innaloo Hotel owner told WA Business News in January he was waiting on a rezoning decision from the state government before deciding whether to develop or sell the OneSteel site.
The industrial-zoned site at Lot 2 McCabe Street has had in-principle support from the City of Fremantle since 2005 for a mixed-use residential and commercial development.
In addition to three other lots in the street, the OneSteel site has been waiting on an urban rezoning since March 2005.
In light of the ongoing amendment process, it appears Mr Hodgson does not intend to wait, choosing instead to cash-in on the soaring land value of the area.
His last project in the vicinity was a 140-lot residential subdivision at Minim Cove Mosman Park in a joint venture between his company, Octennial Holdings Pty Ltd, and LandCorp.
This narrow strip of land between river and ocean has been the focus of both government and private developer interest for some time.
Since developer Mirvac claimed two hectares of land at Leighton Beach last year for $80 million with plans to develop a vibrant costal village, property values have reportedly grown considerably in the area.
In January, Australian Finance Group (AFG) paid $9.53 million for a 6,065 square metre site on McCabe Street, next to the Rolly Tasker Sails site, and is proposing a $150 million four-storey residential development across both lots.
The project is currently expected to comprise four apartment buildings containing 76 apartments and 16 three-storey townhouses.
Most contentious of all plans for the area is a new urban amendment proposal by the state government over a total of 1.4ha of government and privately-owned land on the western side of Stirling Highway opposite OneSteel, currently zoned parks and recreation.
The proposal has drawn fire in recent weeks from nearby Buckland Hill residents, concerned with the loss of views should the land be redeveloped with buildings of up to five-storeys.
Mr Hodgson did not return calls from WA Business News.