Freo development site hits the market

12 August 2022

A prime development site with DA approval in Fremantle’s harbourside Woolstores precinct has been listed for sale.

The vacant, 2,010sqm landholding at 1 Beach Street overlooks Fremantle’s world-class coastline and is a short walk from the Fremantle CBD and train station.

Having been the home of Fremantle Foundry Engineering Co for more than a century, the site is now cleared and has a current development approval in place to enable immediate development.

Under mixed-use zoning, the site presents the opportunity to build a 72-unit development over six levels and 18m of height.

CBRE’s Derek Barlow and Lachlan Andrew have been appointed to manage the sale campaign, with Expressions of Interest invited before September 6.

The Woolstores precinct hosts a range of hospitality and entertainment offerings and has a pipeline of placemaking developments proposed by some of Perth’s most influential property groups.

“With more than $2.3 billion in public and private projects planned, underway or recently completed, the cosmopolitan port city of Fremantle is in the midst of an exciting modern renaissance, which is driving substantial growth and demand across all sectors,” Mr Barlow said.

“The Mayor of Freo is eager to see more inner-city residential options to coincide with the thriving social and play aspects dispersed throughout the city.

“The recent acquisition of the 1927 Elders Woolstores building by Hesperia, alongside the additional development of Andrew ‘Twiggy’ Forrest’s Spicers Hotel, has already hatched plans for mixed-use and mid-rise residential buildings, hotels and retail experiences for Fremantle.”

The property has expansive views via 39m frontage to Beach Street and offers easy access to Perth via the Stirling Highway.

“A property of this nature provides developers the chance to secure a project site of scale in a desirable location, overlooking the Indian Ocean and Fremantle Port,” Mr Andrew added.

“Sites offering immediate development and commencement of construction offer an opportunity to take advantage of an elevated demand for housing in the Fremantle city centre.

“The Perth apartment market is currently seeing strong demand and restricted supply, with 1 Beach Street ideally positioned to capitalise on that. With residential vacancy rates below 1%, the site also offers appeal for build to rent operators currently actively pursuing sites across Perth’s primary activity centres.”