Savills Lists new Development Site in Perth

A prestigious site, strategically located in the heart of Perth city with approval and significant potential for development, has been listed for sale by leading agents, Savills Australia & New Zealand.

The substantial 3,334sq m KS6 site, located in the heart of the Kings Square Precinct, has a flexible planning framework in place allowing for development, while already benefiting from a current DA for a two tower development comprising 563 residential apartments with active retail and F&B uses.

This includes a western tower (total 48 storeys) and an eastern tower (total 42 storeys) with residential studio, one-, two- and three-bedroom apartments, car and scooter parking bays and bicycle racks as well as premium facilities such as a pool deck, gym, lounge areas, outdoor seating and entertainment areas throughout.

One of the only substantial development sites left in Perthโ€™s CBD, Kings Square sits within the broader aspirations of the WA governmentโ€™s Perth City Link Project, a strategic and significant urban renewal and redevelopment project reconnecting Perthโ€™s CBD with the cityโ€™s Northbridge Entertainment Precinct for the first time in 100 years.

Barney Dear, Director, Capital Transactions at Savills said, โ€œThe Perth City Link Project currently includes several city defining developments including the RAC Arena, Yagan Square, four A-Grade office buildings totalling over 67,000 square metres and the underground Perth Busport.

โ€œThe precinct will also benefit from the development of the Edith Cowan University City Campus, which is currently under construction and expected to attract a community of 11,500 students and teachers by 2030.”

The state-of-the-art ECU City campus will be set over 60,000sq m, feature five performance venues, world class teaching venues and be surrounded by streetscapes and lively common laneways connecting Roe. Queen and Wellington Streets.

Located in one of the west coast capitalโ€™s most vibrant and exciting destinations, KS6 offers outstanding transport, retail and dining options with easy access to major roads and public transport networks including Perth Train station and the Busport, the Mitchell & Kwinana Freeways, the CBD Shopping Malls and St Georges Terrace.

Paul Savitz, Director, Operational Capital Markets at Savills said โ€œPerth currently has one of the tightest rental markets across the country.ย  This, combined with continued growth in asking rents and increased demand, makes the KS6 site an unparalleled opportunity for a potential owner or Build-to-Rent investor looking to acquire one of the last prospects for providing high density residential dwellings in the Perth CBD.โ€

Conal Newland, Head of Operational Capital Markets at Savills said, โ€œLike many capital cities in Australia there is a critical housing shortage in Perth, and an estimated 5,000 international students are heading to Perth to study this month, with all purpose-built accommodation fully occupied.

โ€œThe consent at KS6 could be configured to provide much needed student accommodation in one tower and Build-to-Rent in the other, to help offset the supply and demand imbalance,โ€ Mr Newland concluded.

The KS6 site is located at 18-28 Telethon Avenue, Perth. Expressions of interest close 2pm on Thursday, 9 March 2023.

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