A residential development site in Perth’s south has been sold for $8.8 million.
The 4,252sq m site 33-35 Edgecumbe Street and 124-126 Lockhart Street in Como is an amalgamation of four sites, but was sold in one line.
It was purchased by Griffin Group, which is developing apartment blocks on several sites in Como.
The buyer intends to complete a 10-townhouse development on part of the amalgamated site at Edgecumbe Street and Lockhart Street, for which construction had already started, with the concrete pads laid, when the property was put on the market.
It is yet to be decided what type of residential development will take shape on the remaining land, with the potential for more townhouses or alternatively apartments.
The Como site was sold following an Offers to Purchase campaign run by Tony Delich of Knight Frank on behalf of a private family.
Mr Delich said the property generated strong buyer enquiry during the campaign due to its high-profile position in a growth location and development potential.
“The site offered an exciting opportunity for a quality residential development in a high-profile location, with the property having a massive frontage of 40 metres over two streets,” he said.
“The property is located within the rapidly developing Canning Bridge Activity Centre, and is well connected, being just seven kilometres from the CBD and surrounded by plenty of amenity.
“The fact that base slabs and plumbing infrastructure had already been constructed over part of the site was beneficial, as it allows the buyer to save considerable time in progressing to the next phase of the development.”
Como is a high-end suburb on the eastern side of the Swan River and only minutes by train, bus and car to the Perth CBD. The site is accessed from Canning Highway via Henley Street, Como and is a short stroll to the Canning Bridge transport hub.
Nearby amenity includes the Preston Street and Applecross precincts which feature numerous shopping centres, cafes, and restaurants, with the Swan River also close by, as well as popular activity areas like McDougall Park and Como Beach.
Mr Delich said residential development sites were in demand in Perth, with the end product continuing to be sought after, with housing in short supply.
“The Como precinct has seen a huge surge in demand for units and townhouses given it’s generally more affordable than nearby Applecross and western suburb residential product,” he said.
“Developers are keen to develop low rise four to six level buildings, as opposed to large-scale projects, which Como zoning allows, including townhouses of two to three levels.
“This is the sweet spot for demand not only in Como, but other nearby precincts close to the Perth CBD.”
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