European Foods Wholesalers site represents historic opportunity.
A three-parcel development site in Northbridge that has been home to one of the city’s gourmet food distributors for more than 50 years has come to market through Colliers International.
The sites at 93-101 Aberdeen Street and 77-85 and 80-88 Francis Street have a total area of 6271sqm and a city centre zoning that allows a raft of redevelopment options.
Tenanted by European Foods Wholesalers Pty Ltd, the sites offer an annual net holding income of up to $1.176 million and will be sold by Colliers International’s agents Ian Mickle, Aaron Antonas and Tim Scott.
Mr Scott said the properties were Perth’s best mixed-use development parcels because of their potential to host residential, hotel, student accommodation, child care, education or retail projects in a prominent Northbridge location.
“Together, the Aberdeen Street property and 80-88 Francis Street, offer dual street frontage which increases the development opportunities by allowing multiple entrances and maximising retail frontage,” Mr Scott said.
“A number of Francis Street properties have been earmarked for redevelopment which will revitalise this central Northbridge street in the coming few years.
“Once complete, the Perth City Link and Yagan Square will allow for easier pedestrian flow from the CBD to Northbridge, further boosting the amenity of the area.”
The site areas are 2200sqm for the Aberdeen Street property, 1779sqm for 80-88 Francis Street and 2292sqm for 77-85 Francis Street.
Mr Mickle said values of development sites in Perth had remained steady despite the softening in the residential market and the field of prospective buyers was likely to include offshore investors.
“Over the past year, the development site market has transitioned into a two tiered market with local developers competing with offshore capital,” Mr Mickle said.
“Many of these off-shore purchasers are not constrained by local lending practices and their purchasing decisions reflect their ability to add to their land banks.”
The Northbridge sites have a plot ratio of 4:1 plus bonuses of up to 0.8:1.
Mr Antonas said the sites offered developers the opportunity to build above surrounding properties and secure views to the city, hills and coast.
“The rear boundary of 77-85 Francis Street, the biggest of the three sites, adjoins Northbridge Piazza and it may be possible for a developer to reach an agreement with the City of Perth to link the properties, creating further amenity and securing plot ratio bonuses,” Mr Antonas said.
European Foods Wholesalers is a major importer, manufacturer and distributor of specialty foods, beverages and liquor to the hospitality and retail markets.
Bids close on November 3.