A Chinese development group has acquired an iconic industrial block in Perth’s Western Suburbs, for $36 million.
The 2.9 hectare site at 130 Stirling Highway, in North Fremantle was previously occupied by Matilda Bay Brewing.
“The North Fremantle area is currently undergoing a massive transformation with projects like Leighton, Minim Cove, the Tasker site and other planned projects that will make this one of the most desirable locations in Western Australia,” said John Corbett Managing Director from Knight Frank.
The land had previously been zoned as 'Industrial', however the City of Fremantle is in the process of rezoning it to ‘Development’.
Corbett said it had the potential to develop approximately 60,000 square metre of apartments plus commercial and other uses, subject to council approval and design guidelines.
The adjacent block of a similar size has planning consent for 233 apartments and 815 square metres of office space.
Situated on Leighton Beach with three street frontages, the site offers potential ocean views to Rottnest Island and an outlook down the Swan River.
“We had a high level of interest in this property from local and international developers keen to create a landmark development that could take full advantage of the spectacular location,” said Mr Corbett.
The previous owners, the McGilvray Family, had owned the property since the 1980s.