Development options, train station and CBD amenity to attract buyers.
A development site ideally placed to capitalise on the city’s northward expansion has come to market and with a flexible zoning, frontage to three streets and holding income, selling agents are bracing for a strong level of interest.
The 6368sqm West Trade Centre, on the corner of Lord and Newcastle streets in Perth will be sold by agents from Colliers International who said the property’s location and future uses would see it marketed to local, national and offshore buyers.
Colliers International Executive Tory Packer said there had been interest in the property prior to the campaign launch.
“The city centre zoning opens this property up to residential, retail, hotel, office, student accommodation and also mixed-use projects,” Ms Packer said.
“The property’s development potential will be a major drawcard and with boundaries on three of the city’s key streets and transport and amenity on its doorstep, we are expecting a number of bids.”
Located in the City of Perth’s Stirling Precinct, West Trade Centre is anchored by a local lease to golf retailer GolfBox and also has leases to six other businesses including an auto retailer, a printing business and an international college.
Colliers International Director Investment Services Ian Mickle said West Trade Centre was a gateway property with potential for high profile retail space on the ground floor and mixed-use on the upper floors.
“Subject to relevant approvals, this site has the potential for a development ratio of 6:1 and in the interim, it offers holding income from 15 strata commercial units which will also make it attractive to national and offshore buyers that are looking for Perth assets.”
The Lord Street property is across the road from a freeway entrance and exit and is close to East Perth, Northbridge, Perth’s CBD, the entertainment and sporting venues on Burswood Peninsula and is just 200m from McIver train station.
Offers to purchase 105 Lord Street and 25 Newcastle Street close on July 6.