Colliers International, 2008-07-28
by Terry Hutchings
Perth, WA
A prime commercial property located in the heart of Mount Lawley’s vibrant entertainment precinct is set to go under the hammer, opening up the opportunity to secure a development site with frontage to the area’s most popular strip.
The vacant property, located on the corner of Beaufort and Harold Streets directly opposite the Queens Hotel, offers a total area of 596sq m and was previously home to a used car yard.
However, the property’s “Commercial” zoning allows for a wide range of uses, including retail shops, showrooms, restaurants, offices and multi-residential on application.
As a corner lot, the Town of Vincent will allow three levels of development on the property, with the possibility of four levels on application.
Colliers International Investment Sales Executive Terry Hutchings said the sale offered a rare opportunity to acquire a site in a tightly-held area characterised by strong demand for redevelopment opportunities, with a growing number of residents in the area driving an underlying need for new commercial and retail premises.
“Thanks to its close proximity to the CBD and ease of access by both car and bus services, Mount Lawley is becoming increasingly attractive to apartment dwellers and a viable alternative for commercial operators to the city, with its traffic and parking problems,” said Mr Hutchings.
“The property is located in the middle of the retail strip, surrounded by coffee shops, restaurants and similar retail outlets, in an area that sees a significant amount of activity both during and outside working hours.
Improvements on the strategically-located site comprised only a bitumen-sealed hardstand and small administration office, making it ideal for redevelopment with buyers facing minimal demolition and removal costs.
Mr Hutchings said the surrounding area was undergoing significant redevelopment, with a number of mixed-use projects under construction as older properties came onto the market.
"The Town of Vincent is providing incentives for mixed-use developments, particularly on corner lots. so any redevelopment of the property would be able to take advantage of a wide range of potential uses." he said
The property at 544 Beaufort Street, Mount Lawley, will be sold by Auction on site on Thursday 4th September 2008 at 11am.
About Colliers International
Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 10,092 employees span the world in 267 offices in 57 countries. On a worldwide basis, Colliers manages 672,945,918 square feet, and has revenue of $US 1,620,958,349.
Contact Information
Terry Hutchings
Executive, Investment Sales
Tel: +61 8 9261 666
Fax: +61 8 9261 6688
Mob: 0434 659 808
E: terry.hutchings@colliers.com
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