A private investor has capitalised on a development site in Subiaco as the precinct continues to display positive market fundamentals. JLL sold the 3,177m2 inner- metro development site in Subiaco, Western Australia which attracted strong interest.
JLL’s Head of Sales and Investments (WA), Nigel Freshwater and Director Sean Flynn sold the former supermarket site at 277 Barker Road, Subiaco following a competitive Expressions-of-Interest campaign.
Freshwater said, “The strong result represents a significant uplift on book value and was achieved through a highly competitive public sale process which generated more than 80 enquiries and multiple bids. This can be said to be one of Subiaco’s most coveted and vigorously contested development opportunities.”
The site benefits from a prominent location adjacent to the bustling Rokeby Road retail and food & beverage strip. The property is ideally positioned between two large public car parks adjacent to the Farmer Jacks Supermarket anchored Crossways Shopping Centre.
The property possesses a favourable planning framework underpinned by the Subiaco Council’s Draft Local Planning Scheme No. 5 (LPS5) and the Subiaco Activity Centre Plan , which will deliver numerous redevelopment options. The current planning regime confers landmark status on the site, offering a broad range of potential uses including apartments, fashion retail, restaurants, offices, hotel, serviced apartments, small bars and tavern.
Evidence of the improving market conditions in Subiaco is the commencement of several exciting key projects including Blackburne’s ONE Subiaco redevelopment on the former Subiaco Pavilion Markets site, the State Governments Subiaco East Redevelopment Project and the newly completed Subiaco XO and Bob Hawke Secondary College.
“The development activity in Subiaco coupled with its undoubtedly positive market fundamentals will allow the buyer to take a strong positioning in a boutique market,” Freshwater said.
“Recent developer market sentiment has been firmly in favour of smaller premium quality boutique mixed use projects. Typically, these projects are in high amenity locations with a close proximity to dynamic food and beverage options and strong public transport links” he added.
“Subiaco fits the bill perfectly from a demographic perspective, having a median household income well above the Perth metro average and a median house price over 2½ times the Perth metro average provides a high level of residential amenity and proximity to the Perth CBD. As a result, not only did we receive numerous bids, but those bids reflected a surprising number of exciting potential uses,” Flynn concluded.
