William Street property with mixed-use zoning sold by Colliers International
A Perth property with the potential to accommodate apartments or a mixed-use development has been sold through Colliers International for $4.23 million.
The 986sqm site at 378-380 William Street in Perth is one block from the Northbridge entertainment area and is occupied by an older style office/warehouse.
The sale was managed by Investment Services Executive Shane Isaacs who said 33 inquiries were received during the campaign before the property was purchased by a Perth-based investor.
“The property’s size and its location, just 645m from the CBD and close to Northbridge’s restaurants and commercial streets, generated strong interest from developers and investors,” Mr Isaacs said.
“Generous development concessions also made the property an appealing landbank acquisition.”
The sale price reflected a land rate of $4,290/sqm.
Mr Isaacs said the property had not changed hands for more than 30 years and had been used by its previous owner to accommodate a fashion wholesale business.
“There are limited opportunities to purchase freehold sites at the northern end of William Street and this was especially the case for this transaction because it was a larger property and did not have heritage limitations,” he said.