Colliers International reports noteworthy land rate achieved in West Leederville sale
A commercial property occupying a high-profile site near the West Leederville Station has sold for $1.35 million to a private buyer.
The mixed-use property at 286-288 Railway Parade, was sold by Colliers International’s Tory Packer and Tim Scott who said the West Leederville property achieved a high sale price because of its location and mixed-use zoning.
Ms Packer said the two-storey commercial building had a net lettable area of approximately 720sqm and had one year left to run on its lease to a photographic gallery.
“The mixed-use zoning allows for a number of uses so in the future, the 425sqm site can be redeveloped to accommodate a retail, hospitality or office project,” Ms Packer said.
The sale price reflected a land rate above $3,175/sqm.
Mr Scott said the buyer planned to refurbish the free-standing building which was just over 100 metres from the West Leederville Station.
“Subiaco’s town centre is one train stop to the west and Perth’s CBD is just two stops to the east, but the building will also suit occupiers who want convenient access to the other commercial centres along the Perth to Fremantle train line,” Mr Scott said.
“Investor demand is increasing for well-located commercial buildings in Perth that offer strong leasing prospects."