Property developer Saville Australia has won the tender for the strongly contested former Emu Brewery site.
The riverfront parcel of land, on the corner of Spring and Mounts Street in Perth, was purchased for $48.8 million.
The 18,000 metre square site with panoramic views of the Swan River, Perth City and Kings Park offers multiple development opportunities with residential and commercial potential.
The acquisition - through public tender - has resulted from the collapse of the Westpoint property group.
Soon after claiming the largest concrete pour in a decade for the foundation of the sold out 154 apartment Saffron development, Saville Australia also will soon launch stage two of the development, Altus, which is set to become a landmark residential tower standing at over 30 levels.
Saville Australia also recently commenced planning works on a mixed residential and commercial development at 249 Adelaide Terrace as well as the redevelopment of the spectacular oceanfront Waikiki Hotel site.
Saville Australia managing director, Sam Cheir, said the company was thrilled with the tender result and is now considering plans for the site.
"An outstanding location, sweeping views and proximity to the CBD will make this an extraordinary development," he said.
"The site is already approved for multiple development options including 1037 apartments, commercial and retail development and a six level car park with 1460 bays, so the future is very exciting."
Mr Cheir said Saville Australia will team up with global investment firm Babcock and Brown on the development.
