South Perth riverfront property ripe for redevelopment up for sale

A riverfront property in South Perth representing one of the last opportunities to secure a large parcel ripe for development on the suburb’s foreshore is up for sale.

The generously-sized 1,730sqm property at 11 South Perth Esplanade in South Perth is currently occupied by a three-level, six-unit apartment block around 60 years old, with 28 metres of frontage to the Swan River.

However it has redevelopment potential, with the zoning permitting a five-level residential development on the site.

It is being taken to the market via an Expressions of Interest campaign being run by Knight Frank agents Jonathan Wong, Cory Dell’Olio and Tony Delich on behalf of a private Chinese business family.

Price expectations for the property, which will be sold in one line only, are in the mid $20m.

Mr Wong said the property’s location in a prime riverfront location, with 28 metres of riverfront frontage, made it suitable for a premium residential development.

“We have fielded strong interest for the site to date from buyers looking to secure a prime piece of real estate on Perth’s Swan River,” he said.

“We believe this property represents one of the last opportunities to secure a large parcel on the South Perth foreshore.

“It offers holding income for buyers, with the added bonus of future development potential.

“The site is particularly suitable for a premium residential development, being situated in an affluent city fringe suburb and surrounded by luxury apartments.

“It also has uninterrupted and stunning views of the Perth CBD across the Swan River, as well as Kings Park.”

Mr Dell’Olio said the property offered buyers the opportunity to capitalise on value and rental growth due to the strength of the residential market, with strong demand for more housing.

“Over the past year, Perth has maintained its position as the strongest market in the country for value growth,” he said.

“Increased migration and a strong underlying WA economy is fuelling population growth, which, combined with a housing shortage, has put pressure on both values and rentals.”

The South Perth property is close to amenity including the new Civic Heart Retail Complex, The Good Grocer South Perth IGA and South Shore Shopping Centre, plus multiple food and beverage options including The Station and Windsor Hotel.

Situated in a peaceful, prime location at the end of the South Perth Esplanade, the property has easy access to both north and south freeway entrances.

It is just a short walk from the South Perth ferry service and close to the Perth Zoo and the prestigious Royal Perth Golf Club.

The area is also home to a variety of restaurants and bars, making it a vibrant spot for dining and entertainment. With its proximity to the Perth CBD, South Perth is a highly attractive and desirable area for both residents and businesses.

The Expressions of Interest campaign for the property will close at 3pm (AWST) on Thursday, August 29.