Seven Entertainment is selling its KS6 site in the heart of the Perth CBD.
The 3334sq m site at 18-28 Telethon Avenue is in the middle of the Kings Square Precinct, next to the Perth Train Station.
It has a flexible planning framework and current planning approval.
It is also close to the Kwinana Freeway, St Georges Terrace and the main CBD shopping malls.
Corelogic property records show Seven Entertainment as the owner of the site, a subsidiary of Seven Group Holdings.
Development approval for two towers, one of 48 storeys, the other of 42, with a total of 563 apartments, was granted in August 2015 by the then-Western Australian planning minister John Day.
A pool deck, gym, lounge areas, and outdoor seating and entertainment areas were also part of the plans.
It was the first residential project in the Kings Square Precinct to be approved after four major mixed-use and commercial projects started development.
Kings Square Precinct is part of the $5.2-billion Perth City Link project, an urban renewal project to reconnect the Perth CBD with the Northbridge cultural hub for the first time in a 100 years.
Savills will manage the expression-of-interest campaign. Capital transactions director Barney Dear said it was an opportunity to get involved in reshaping the city.
“The Perth City Link Project currently includes several city defining developments, including the RAC Arena, Yagan Square, four A-Grade office buildings totalling over 67,000sq m and the underground Perth Busport,” Dear said.
“The precinct will also benefit from the development of the Edith Cowan University City Campus, which is currently under construction and expected to attract a community of 11,500 students and teachers by 2030.”
Edith Cowan won planning approval in December 2021 for its CBD campus project.
Seven Group Holdings managing director Ryan Stokes said in 2015 that the company wanted to find partners to develop the project with.
“We have always viewed the residential opportunity as a major component to the success of Kings Square,” Stokes said at the time.
“It is pleasing to secure the development approval and we will now look to attract a development partner that will bring this plan to life.”
Perth has a tight rental market making it an ideal opportunity to provide much-needed rental accommodation.
There will also be an estimated 5000 international students heading to Perth in the next month with most, if not all, existing student accommodation already accounted for.
Savill operational capital markets head Conal Newland said the site’s proximity to services and transportation could make it a good fit for providing purpose-built student accommodation as universities prepare to receive more students.
“The consent at KS6 could be configured to provide much needed student accommodation in one tower and build-to-rent in the other, to help offset the supply and demand imbalance,” Newland said.
The expressions of interest campaign closes on March 9, 2023.
