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News release

PERTH

Niche 304sqm Subiaco site primed for 5-level boutique development

Rowland Street property capitalises on Rokeby Road amenities and Western Suburbs caché


JLL has been appointed exclusive agents to manage the sale of a strategically positioned 304sqm property in the heart of Subiaco's retail and restaurant precinct.

The prime corner site at 25 Rowland Street is being offered for sale with development approval for a five storey mixed-use development comprising retail and residential apartments along with two levels of basement parking for 18 vehicles.

JLL Director of Sales and Investments WA, Tom Nattrass said "The site, which currently comprises an older single level building, is just 75m west of Rokeby Road's high street shopping and dining precinct and is located in the City of Subiaco's Town Centre precinct,"

 "Its true potential, lies in its existing development approval, which envisages up to twelve one bedroom apartments with internal areas of about 54sqm along with generous balconies. In additional there are three proposed ground floor retail spaces," said Mr Nattrass.

"These retail tenancies are only possible due to approval for the development's underground car park to be accessed through the basement car park of the adjacent building at 513 Hay Street. This removes the need for the development to have its own car park entry and ramp"

"The existing DA allows a developer to come in and get moving on it straight away. Someone could feasibly commence site works early next year. All the hard work of approvals is done and the lead time will be greatly reduced."

"Subiaco is one of Perth's most vibrant, diverse and liveable precincts while enjoying a rich pedigree that reaches back many generations. It offers residents, workers and visitors a host of established quality shopping, dining and cultural amenities. Added to these is its public transport infrastructure including the Perth to Fremantle rail line, ocean-to-city bus routes, and access to an extensive cycle route from the nearby Subiaco train station.

"Over the last two decades Subiaco has undergone strong retail, commercial and residential growth stimulated by the Subi Centro project, which has capitalised on demand for medium to high density living options in its western and north precincts. Confidence in the future is continuing with commencement of construction of a major new retail, office, cinema and residential project at the nearby 500 Hay Street site."

Mr Nattrass said that with Subiaco being just 3km west of Perth's CBD it is a magnet for those seeking the convenience and chic urban lifestyle of near city living combined with the many benefits and cache of Perth's sought after western suburbs.

The closing date for offers is 4.00pm (WST) Thursday, September 3.