Singaporean developer buys Cannington site close to Westfield Carousel for $3.35 million

Sale through Colliers International to expand Cannington’s apartment market

Cannington’s city centre apartment market is set to expand following the sale of a vacant site to an overseas buyer who will be seeking planning approval for a nine-storey mixed-use apartment building.

The development site at 14-16 Leila Street was purchased for $3.35 million, representing a land rate of just over $1,340 per square metre by a Singaporean developer in an off-market transaction negotiated by Colliers International’s Tory Packer.

The 2,497sqm property is just 100m from Westfield Carousel, one of Perth’s biggest shopping centres and a key component in the $76 million regeneration of the new Cannington city centre along Cecil Avenue.

Ms Packer said the revitalisation plans, which would deliver high-density residential accommodation next to Westfield Carousel and a Transit Orientated Development next to Cannington train station, had generated strong demand for infill sites from developers wanting to build apartment and commercial buildings in and around the city centre.

“Work has already started on Cecil Avenue which will be upgraded and landscaped to become a pedestrian-friendly thoroughfare between Albany Highway and the train station,” she said.

“When finished, Cannington’s city centre is expected to have 10,000 new homes for 25,000 new residents.”

Ms Packer said the $350 million redevelopment of Westfield Carousel, which was completed last year, had significantly increased the level of amenity in Cannington.

“The shopping centre now has 330 retailers across fashion, food, lifestyle, dining and entertainment which will help service the city’s growing population.”

Related Experts
expert photo

Tory Packer

Director

Perth

Tory has been in the commercial property business with Colliers International (WA) for over ten years. Throughout this time she has assisted in the management and sale of properties for high profile clients and government departments.

Tory has completed a Bachelor of Laws and Bachelor of Commerce degree majoring in Corporate Finance at the University of Western Australia. She is a licensed Real Estate Agent and a member of the Real Estate Institute of WA.

Tory has been an appointed agent on successful sales and marketing campaigns for the disposal of mixed-use and commercial assets. Investment services transactions negotiated recently by Tory include a number of tenanted investments, heritage refurbishment opportunities, existing buildings and residential, commercial and mixed-use development sites.

Tory has also undertaken frequent acquisition work on behalf of purchasers seeking to secure offmarket assets, and has developed comprehensive negotiation skills.

View expert