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Site at 378 Murray Street may finally have attracted a buyer

A BUYER may have finally surfaced for the slow-to-sell 378–394 Murray Street with the recent move by Mair Projects to place part of the property, 378 Murray Street, under offer.

Owned by the Teo family, whose other properties include Subiaco Colonnade, the 3,721 sqm site was originally part of the 5,120 sqm 378-394 Murray Street site which the Teo family have tried to sell for the past two years.

The site has since been broken into two smaller components and WA Business News understands that the asking price has considerably reduced.

The original site, which also fronts Wellington Street and is home to Wilson Car Park and Gobbles Nightclub, was first placed on the market for expressions of interest in 2001 with an asking price of around  $6.25 million.

The site had an approval for a 22-storey tower, which included 177 serviced apartments and another 19-storey residential tower.

The property was withdrawn from the market following a campaign to allow an interested party exclusive due diligence.

Mair Projects marketing development manager Nicholas Wells confirmed the company was currently considering 378 Murray Street as well as other sites.

“It is a preliminary consideration in the strictest sense,” Mr Wells said.

“It is really early days.”

Under the umbrella of Mair & Co, Mair Projects has been developing in WA for the past 30 years. Their most recent project is Zenith Apartments in West Perth.

Selling agent DTZ Australia’s Brad Carey said the Murray Street site hadn’t technically been for sale since 2001 and had only been back on the market since late last year.

Mr Carey said the site was split into components to lessen the impact of acquisition for developers.

He confirmed that the 378 Murray Street site was under contract but was unable to comment on the potential purchaser other than to say he expected the property to settle in June.

Mr Carey said the site was zoned shopping CS which allows almost any type of development.

The West End has attracted increasing amounts of interest with developments such as the proposed railway project and Raine Square expected to provide a real boost to the area.

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