A West Perth warehouse property, on a site to be created by lot amalgamation, is for sale.
Colliers International’s Wayne Lawrence and Tory Packer said the generous land area, just a block from the CBD, would have broad appeal.
The site, walking distance from the CBD, Parliament House, RAC Arena and Watertown, is close to Kings Park, public transport and city services.
“The 720sqm brick and iron warehouse has a mezzanine area with high ceilings and parking that make it a suitable venue for a hospitality operator and the overall site has hotel or mixed-use development options,” Ms Packer said.
The property, 20-24 Coolgardie Street plus part of the rear of 578 Murray Street, has a character warehouse and would appeal to hospitality operators. Landgate is expected to issue a title for the newly created site before the end of the year.
The site, zoned commercial, is in the City of Perth, has had a 3:1 plot ratio but qualifies for hotel plot ratio bonuses of 40 per cent and a special residential use bonus of 20 per cent.
Mr Lawrence acknowledged there was “some caution” in the development market but said well-located sites in gateway locations were in demand.
“City-fringe sites are among the most tightly held assets in Perth’s commercial property market and we are expecting strong demand from local and offshore developers,” he said.
“West Perth is home to the city’s second biggest office market and is a key gateway to the CBD.” Expressions of interest close on November 21.