Strong bidding for Jolimont land auctioned by Colliers International.
One of Perth’s best development sites was sold under the hammer last week with hardware giant Bunnings Warehouse purchasing almost one hectare of land on Hay Street for $13 million.
The city fringe site with a 9984sqm footprint was auctioned on April 11 by Colliers International who said the sale attracted strong competition with two other developers requiring large sites also bidding for the land.
Owned by the City of Subiaco, the Jolimont property at 592-612 Hay Street and 2 Bishop Street is one kilometre from Subiaco’s centre and has a commercial/residential zoning.
Colliers International Director Investment Services Ian Mickle said it was rare for such a valuable development site to be auctioned.
“The three strong bidders reflected the high level of interest in a quality development site close to the city,” Mr Mickle said.
The sale reflected a price per square metre of $1302.
The property has a 166m frontage to Hay Street and according to 2014-15 data from Main Roads WA, approximately 12,610 cars travel past the site on a typical weekday.