Major West Perth development opportunity

JLL and Ray White Commercial are pleased to bring to market 678 Murray Street and 88 Havelock Street, which combine to form one of the most commanding development propositions in West Perth.

The properties are being marketed by joint exclusive selling agents Sean Flynn, Director, Capital Markets, and Senior Director, Nigel Freshwater of JLL together with Brett Wilkins, Director, Capital Markets and Joint Managing Director, Stephen Harrison of Ray White Commercial via an expressions of interest campaign.

This strategic corner land aggregation with extensive dual street frontages delivers an expansive development site of over 3,800sqm with unmatched exposure to Murray Street, being the primary north-western gateway approach to the Perth CBD within only 500 metres of the site.

The property benefits from being only a short walk from the Hay Street West Perth retail and cafΓ© strip, convenient access to public transport via its position within the Perth Free Transit Bus zone, and proximity to both north and south bound Freeway on/off ramps just to the east along Murray Street.

The flexible City of Perth planning framework and favourable β€œCity Centre” zoning deliver multiple potential redevelopment opportunities ranging from high-rise office to residential apartments, build-to-rent, student accommodation and hotel/short stay accommodation, and the underlying density provisions could support a development of well over 12,000sqm with bonuses (STCA), without the constraint of a prescribed maximum building height.

Mr Flynn said, β€œThere’s only a finite number of large development opportunities of scale in West Perth so such a substantial high profile corner property with a flexible planning regime and the ability to load up the site is expected to attract a high level of interest.”

Mr Freshwater said, β€œIn the first instance we expect to hear from interested parties with either specific projects in mind or those looking to landbank in readiness to submit for the next major tenant requirement that comes to market.”

The properties also feature existing office and warehouse improvements totalling over 2,500sqm plus 48 car bays, with current leases delivering valuable holding income.  These improvements deliver the potential for longer term owner-occupation should this be desired.

Mr Wilkins said, β€œThis offering is ideally positioned to capitalise on the states booming resource economy, the imminent arrival of the new ECU City University Campus and/or Perth’s historically tight residential housing market.”

β€œ678 Murray Street has been held by the same private company since 1995 with 88 Havelock Street having been added to this holding in 2006.  This illustrates just how tightly held such strategic assets are in West Perth, so we anticipate a very spirited sale process,” added Mr Harrison.

The properties are offered for sale in one line or separately via Expressions of Interest, closing Wednesday 24th May 2023.

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