Strong demand for city sites with holding income and scale for future development delivered a quick sale for adjoining properties in Edward Street, Perth.
The property at 54 Edward Street was on the market for just four weeks before it was sold, together with 56 Edward Street, for a combined price of $1.775 million, by Colliers International’s Shane Isaacs.
Both sites are occupied by character homes which have been modified for commercial tenants and one is leased to an office-based business until the end of 2020.
The properties have a combined land area of 994sqm and the sale represented a land rate of $1,786/sqm.
Mr Isaacs said the Claisebrook precinct on the north side of Graham Farmer Freeway was transitioning from older warehouses and light industrial units into a mixed-use area for residential and commercial developments.
“In the past two years six properties in this area have sold to owner-occupiers and developers seeking land parcels that are big enough for mixed-use developments that will activate this city-fringe area,” Mr Isaacs said.
“Cafes and boutique shops are opening on nearby streets and these properties have the added benefit of being just 100 metres from the walkway to Claisebrook train station, and minutes from Perth’s CBD.”
Mr Isaacs said the Edward Street properties had a mixed-use zoning with a density of R100 and were purchased by a local buyer who was looking to capitalise on the area’s long-term development prospects.