The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FULL PROGRAM RELEASED FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FULL PROGRAM RELEASED FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
VIEW FULL AGENDADETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
ResidentialLindsay SaundersThu 08 Aug 24

Waterfront South Perth Site Tipped to Fetch $25m

Buyers are circling a South Perth site labelled one of the last large parcels for development on the suburb’s foreshore.

The 1730sq m property at 11 South Perth Esplanade is occupied by a three-level, six-unit apartment block built about 60 years ago and offering 28m of Swan River frontage.

The site’s zoning would allow a five-level residential development on the site.

The property is being offered for sale via an expressions-of-interest campaign managed by Knight Frank agents Jonathan Wong, Cory Dell’Olio and Tony Delich on behalf of a Chinese business family.

Price expectations for the property, which will be sold in one line, sit about $25 million.

Wong said the property’s location made it suitable for a premium residential development and, in the meantime, it offered holding income.

“We believe this property represents one of the last opportunities to secure a large parcel on the South Perth foreshore.”

Dell’Olio said the property offered buyers the opportunity to capitalise on value and rental growth due to the strength of the residential market, with strong demand for more housing.

“Over the past year, Perth has maintained its position as the strongest market in the country for value growth,” he said.

null
▲ The site, with 28m of Swan River frontage, is expected to fetch about $25 million.

“Increased migration and a strong underlying WA economy is fuelling population growth, which, combined with a housing shortage, has put pressure on both values and rentals.”

Expressions of interest for the property are due to close on August 29.

Land prices in Perth have equalled that of the 2007 boom in the city at $305,177, with an average lot size of 364sq m, according to the Urban Development Institute of Australia.

It said that average price was likely to continue to rise, with Urbis director David Cresp warning increasing land prices heralded more pain to come, especially in the apartment sector, where there has been “very little activity” in recent years.

According to the UDIA, it is the first time the average price has topped $300,000 since 2007.

ResidentialPerthDeal
AUTHOR
Lindsay Saunders
The Urban Developer - News Editor
More articles by this author
linkedin icon
ADVERTISEMENT
TOP STORIES
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
Qld Budget 2025-26 Brisbane City
Exclusive

Billions Promised, Now Deliver: Industry’s Qld Budget Verdict

Vanessa Croll
6 Min
Medium Density housing in NSW
Exclusive

NSW Budget ‘Groundbreaking’ $1bn Guarantee to Unlock Housing

Leon Della Bosca
7 Min
Exclusive

Azure’s Trent Keirnan on Playing the Long Game

Taryn Paris
5 Min
View All >
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
Ledlin Developments Somerville Business Park
Industrial

Ledlin Plots $13m Somerville Premium Business Park

Leon Della Bosca
King William Road City of Unley Corner of Mary Street and King William Road North
Planning

Rezoning Push to Unlock $300m Scheme at SA’s Unley

Leon Della Bosca
A council depot and post office site have been earmarked as the epicentre of Adelaide’s next development hotspot...
LATEST
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
Ledlin Developments Somerville Business Park
Industrial

Ledlin Plots $13m Somerville Premium Business Park

Leon Della Bosca
3 Min
King William Road City of Unley Corner of Mary Street and King William Road North
Planning

Rezoning Push to Unlock $300m Scheme at SA’s Unley

Leon Della Bosca
4 Min
TimePlace Manly shoptop
Construction

Time & Place Plans Second Manly Project as First Begins

Vanessa Croll
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/waterfront-south-perth-site-tipped-to-fetch-aud25m