West Leederville office/warehouse property sells for $2.7 million.
A commercial property in a West Leederville pocket that has been earmarked for redevelopment was sold for $2.7 million by Colliers International agents Tim Scott and Aaron Antonas.
Located at 176 Railway Parade, the office/warehouse property occupies a 1101sqm site and is next to Finbar’s Motive apartment complex which is under construction.
Mr Scott said the property was in the Southport Street Node of the City of Cambridge’s West Leederville Precinct where the development of larger and taller buildings is being encouraged to take advantage of the nearby Perth CBD, train stations and the commercial centres in West Perth and Leederville.
“The Town of Cambridge’s planning controls are revitalising this inner-city area with apartments, retail, cafes and offices,” Mr Scott said.
The property has a 260sqm office, a 260sqm sawtooth warehouse, basement storage and parking for about 12 cars.
Mr Scott said strong interest in the property during the marketing campaign focused on its development potential.
The property was purchased by a company that owns a neighbouring building and is looking to expand its land holding in the area.
Mr Antonas said the property’s location, just a short walk from train stations on the Fremantle and Joondalup lines, made it a sought-after site.
“Development sites, especially those with holding income, remain a strong focus for developers,” he said.