A circa 1900s two-level building and grand Federation Italianate-style property in the Perth CBD best known as ‘Colmel House’ is generating strong interest after just hitting the market.
The two-level character building at 241 Stirling Street, located next to Beaufort Central, is currently fitted out as an office, with 14 rooms providing 432sq m of space on the 1,037sq m block, as well as six exclusive car parks.
However, the property has future development potential – while the building is heritage listed, which means conservation is essential, due to the zoning the rear land could be developed into higher density for residential apartments or additional offices given the excess plot ratio.
The asset is being taken to the market via an Offers to Purchase campaign run by Jonathan Wong and Tony Delich of Knight Frank on behalf of the vendor and owner occupier Pure Blue Australia, a Perth based family business selling Australian Natural Products.
Price expectations for the property, which will be sold with vacant possession, are from $3 million.
Mr Wong said the property was ideally suited to commercial owner occupiers or developers to maximise the site’s future development upside but would also appeal to residential owner occupiers looking for a grand residence.
“The property has just hit the market, but already we are fielding interest from a significant number of potential buyers,” he said.
“Buyers are drawn to the location of Colmel House, being right in the heart of the Perth CBD, and just around the corner from the bustling Beaufort Street and within easy reach of Northbridge,” he said.
“Its prime location offers convenient access to a vibrant array of restaurants, entertainment, and cultural attractions, as well as public transport.
“The character aspect of the property is also attracting buyers, with a multitude of future options being considered for the property.”
Mr Delich said the development potential of the site was a major consideration for buyers in the current market, with many looking for opportunities that offered the chance to value add, either immediately or over the longer-term.
“This Stirling Street property offers the added potential for a bonus plot ratio if the heritage building is integrated and refurbished to maintain the character streetscape, subject to council approval,” he said.
“Within just the first week the sales campaign has generated strong enquiry. Heritage buildings with characteristic features are in demand, with the additional value in the development potential attracting buyer interest, with these properties are rare find.”
The Offers to Purchase campaign for the property will close at 4pm (WST) on Thursday, May 1.
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