Sarich goes north for $18m

PERTH property magnate Ralph Sarich’s Cape Bouvard has secured prime North Beach redevelopment site, the West Coast Plaza shopping centre.

The 11,901 square metre site, which contains a small shopping centre and a service station site, is one of the last large beachfront development sites along the stretch of coastline between Scarborough and Joondalup.

Cape Bouvard is understood to have secured the site this week for $18 million from the plaza owners, the Magro family. The development company plans to relocate the shopping centre and service station to the rear of the site and construct a mixed-use apartment development on property’s the beachfront side.

WA Business News understands that the apartment development will not exceed the 12-storey height limit.

An industry source said the site was one of the few available in the area, which had experienced strong growth in recent years.

The North Beach purchase comes after Cape Bouvard’s unsuccessful attempt to secure the 1.7-hectare Luna shopping centre site in Scarborough earlier in the year, which according to industry rumour was sold to Stockland for a purchase price of around $32 million.

The North Beach development will be Cape Bouvard’s second apartment development on the beachfront. Its 13-storey West Beach lagoon apartment project is still awaiting planning approval. 

The public submission period for the project closed last week, and despite vocal opposition to the medium density development planned for the Scarborough foreshore, it is understood that the bulk of public comment on the development was supportive. 

Cape Bouvard is also expected to commence construction of its $20 million Perth commercial redevelopment, the CTA Building, with demolition of parts of the existing building to begin in the next few months.

The project involves the addition of seven new levels on top of the site’s existing car park, yielding 7,000sq m of commercial office space, and developing a new gym at The Esplanade level.

The development will go ahead without any tenant pre-commitment.

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