Jason Peterson has purchased an apartment block on South Perth’s foreshore, paving the way for a luxury residential project.
Jason Peterson has purchased an apartment building in South Perth for $21 million, with plans to develop a luxury residential project.
Mr Peterson, who is the managing director of stockbroking firm CPS Capital Group, purchased a five-storey building at 31 South Perth Esplanade from a consortium of owners in a deal that settled this week.
The acquisition paves the way for Mr Peterson to develop a luxury residential complex on the 1,636 square metre site.
Aside from CPS Capital, Mr Peterson owns Celtic Capital Properties, which has also developed Subiaco’s Halcyon project.
Business News understands that Mr Peterson intends to develop a five-storey complex on the site and occupy the penthouse.
Cygnet West’s Wayne Lawrence and Tory Packer brokered the deal, via a competitive bidding process.
“The vendors were able to capitalise on the site’s potential to achieve a significantly higher return than via the sale of individual apartments,” said Ms Packer said.
Mr Lawrence said the median unit price for South Perth apartments had increased by 25 per cent in the past year and 45 per cent in the past four years.
“A new luxury development will not only cater to growing demand but also enhance the precinct appeal, offering high-end residences that align with buyer expectations,” he said.
