22/04/2015 - 09:27

Scarborough's Luna Maxi hits the market

22/04/2015 - 09:27

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Scarborough's Luna Maxi hits the market

Another major development site has come to market in Scarborough, with commercial agency JLL appointed to sell the Luna Maxi Mart shopping centre on behalf of owner CCI Group.

The 17,695 square metre site is the largest privately owned landholding in the Metropolitan Redevelopment Authority's Scarborough master plan area.

JLL head of sales and investments Nigel Freshwater said the plot, bordered by West Coast Highway and Scarborough Beach Road, as well as The Esplanade, would give developers an unprecedented opportunity to create a landmark mixed-use development.

The MRA's guidelines allow for development of up to 18 storeys on the site, provided short-stay accommodation, entertainment and commercial facilities are provided.

Mr Freshwater said the Luna Maxi site was the only true beachfront landholding to come to market, which would stoke significant interest from developers.

"Luna Maxi's range and scale of development opportunities and its significant and reliable holding income is unrivalled in terms of current purchasing opportunities in WA," he said.

JLL manager of sales and investments Sean Flynn said Scarborough was already among the top suburbs in the metropolitan area for apartment and house sales, statistics which would bode well for a large-scale apartment development.

"Not only is the site strategically positioned to reap sustained benefit from population growth and revised local tourism, but the project's gearing towards a sophisticated mixed-use, high-end outcome combines into what is a very formidable package that will offer broad appeal," he said.

"As such, we anticipate a strong response from offshore and national developers eager to secure a mixed-use project of this scale in WA, as well as a strong level of enquiry from local players."

Business News reported earlier this month that private landowners were starting to take advantage of the new planning guidelines, when LJ Hooker Commercial was appointed to sell an amalgamated 3,000sqm site on Brighton Road.

The MRA is aiming to facilitate the development of up to 2,800 apartments and townhouses around Scarborough Beach.

It is also developing a new entertainment and hospitality precinct under its $57.4 million master plan, which has been funded by the state government and the City of Stirling.

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