A site with future development potential in Perth’s CBD has sold for $4.95 million, after being put on the market for the first time in more than 30 years.
The property at 7 Fore Street, which consists of a 1,362sq m warehouse on a 1,879sq m site, has been occupied by Asian grocer Lucky Import and Export Co since 1991.
It offers flexible development potential for a mixed-use development, with R80 residential zoning.
The property was sold to a local private investor following an Offers to Purchase campaign run by Knight Frank’s Jonathan Wong on behalf of the Lucky Import and Export Co.
Mr Wong said the property had been hotly contested during the campaign, being a highly strategic site in a great location with strong future development potential.
“It offered buyers a range of options, including occupying the property or leasing it, in a strong industrial market,” he said.
“Holding for the long-term will lead to growth, with the property in a premium location in Perth’s CBD and having development potential in the future for a mixed-use project.
“Situated in a prime position nestled close to the corner of Beaufort Street and Brisbane Street, the property has a strategic presence and extensive transport connectivity.”
The site is within walking distance of Birdwood Square, approximately 700m from the HBF Park Stadium and in close proximity to other vibrant suburbs such as Subiaco, Mount Lawley and Northbridge featuring a mix of cafes, bars, restaurants, and shops.
The buyer of 7 Fore Street intends to use it for warehousing and storage purposes.
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