Property with Future Development Potential in Perth Sells for $2M

A Perth property with redevelopment potential has sold for $2 million, highlighting sustained demand for sites with flexible fundamentals and upside, in terms of both development and value-add.

The asset at 829-835 Wellington Street in West Perth was purchased a group of local businessmen.

The 719sqm site includes a partially leased two-storey commercial building (480sq m) and a single-storey restaurant space (242sq m). It sits directly opposite the Watertown Brand Outlet Centre and near the forthcoming ECU city campus.

Zoned Commercial – C3 under the City of Perth Planning Scheme No. 2, the property allows for significant redevelopment, including a mixed-use commercial and residential project.

Knight Frank’s Jonathan Wong and Zach Schreier negotiated the sale on behalf of an overseas vendor.

“The buyer sees long-term value in this location and plans to retain and refurbish the existing improvements in the short to medium term,” said Mr Schreier. “Its proximity to the CBD and key transport links adds to its appeal.”

Mr Wong said the sales demonstrated the ongoing strength of buyer demand for flexible, future-focused assets.

“This property combined strong fundamentals with long-term upside, appealing to a broad range of savvy investors,” he said.

He added that location had been a major drawcard.

“West Perth remains a tightly held inner-city precinct with excellent connectivity, amenity, and proximity to the CBD. It stands to benefit significantly from renewed activity along Wellington Street, which is fast becoming Perth’s new student hub.”