Two adjoining lots within the Cockburn Coastal Redevelopment Area are offered for sale and expected to generate strong interest, being situated in Perth’s most strategic coastal urban renewal project areas.
JLL’s Nigel Freshwater, Senior Director, Capital Markets and Sean Flynn, Director, Capital Markets have been appointed to sell lots 17 & 123 Cockburn Road, North Coogee via an Expressions of Interest Campaign, closing Thursday 8th June 2023.
The expansive 33,992sqm* combined landholding is strategically located within the master-planned Cockburn Coast precinct, one of Western Australia’s largest coastal renewal projects which is set to transform the Cockburn Coast Redevelopment Area.
Lots 17 & 123 Cockburn Road feature R100 ‘Mixed Use – Residential/Commercial’ and R160 ‘Residential – High Density’ zoned portions and can accommodate a maximum height of 8 storeys, with additional height identified for landmark sites (STCA).
Mr Freshwater said, “This exciting inner-metro coastal offering is without question unique in terms of its significant development scale and flexibility, representing a rare opportunity to secure a dominant and indeed landmark development site within a master-planned future growth precinct.
“The Cockburn Coast Redevelopment Area which stretches from South Beach to North Coogee will effectively form a majority of the North Coogee suburb and this area will ultimately be home to some 12,000 residents and 6,000 homes,” added Mr Freshwater.
“Figures from REIWA research indicate North Coogee has a strong median house price approximately 164% above the Perth metro average plus median house rentals close to 60% above the Perth metro average.
“The newer development within the surrounding locality includes a mix of exclusive homes, apartments and townhouses. The high growth in this coastal corridor is evident of the strength of key property value benchmarks in North Coogee and nearby surrounds when compared to those of the overall Perth Metro area,” added Mr Freshwater.
Mr Flynn said, “The mixed-used designation offers valuable ground floor activation opportunities along busy Cockburn Road, being the precinct’s major north-south arterial thoroughfare.
“Permitted uses include grouped dwellings, apartment, office, fast food, hotel/tavern, motel, betting agency, restaurant, convenience store, and shop, plus other uses contemplated including single residential, showroom, health studio, service station and tourist accommodation,” added Mr Flynn.
Lots 17 & 123 Cockburn Road currently features a self-storage operation trading as South Beach Storage. The facilities include a 3,800sqm* enclosed warehouse, 1,600sqm* storage shed, 2,350sqm* hardstand storage and 1,600sqm* container storage area.
Whilst the property is offered with vacant possession, the existing self-storage operation onsite may, if preferable, be retained as a tenant on flexible lease terms to defray holding costs. The 100% freehold interest in Lots 17 & 123 Cockburn Road, North Coogee is being offered for sale via Expressions of Interest closing Thursday 8th June 2023 at 2pm (AWST).
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