The Subiaco Resurgence: Former supermarket site goes up for sale
A perfectly timed opportunity to capitalise on the current strong resurgence of the Subiaco precinct.
23 October 2019 – A prime inner-metro development site of 3,177sqm hits the market. The former supermarket site at 277 Barker Road, Subiaco is brought to market by exclusive selling agents Senior Director Nigel Freshwater and Director Sean Flynn of JLL.
The site benefits from a sought-after and very high amenity 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 favorable planning framework underpinned by Councils Draft Town Planning Scheme No 5 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 urban renewal project, Subiaco XO and the new
Bob Hawke Secondary College.
“The recent exciting development activity in Subiaco, coupled with its undoubtedly positive market
fundamentals mean we think it’s a pretty safe bet for any developer looking to take a position in a
strong boutique market” said Mr Freshwater.
“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.” said Mr Flynn.
“Add to this the proximity to the Perth CBD and the high amenity delivered by Rokeby Road; nearby Coles, Woolworths and Farmer Jacks anchored shopping centres; Subiaco Tran Station and all of the new projects underway in the vicinity, and the site is right in the sweet spot” he added.
JLL Strategic Research Manager, Ronak Bhimjiani said “the broader macro environment plays an integral role when assessing any investment proposition. In the case for WA, economic conditions have improved since the end of the resources boom. The economy recorded growth of 1.9% in 2017-18, after a decline of 1.8% in the previous financial year.
“Strong jobs growth, a recovery in population growth and record exports over the last 12 months is set to ensure WA’s economy continues its growth trajectory. The outlook of the property market is intrinsically linked with conditions in the economy.
This is looking positive, with WA’s Gross State Product (GSP) expected to average 2.7% p.a. over the next five years (2019-20 to 2023-24).
Subiaco’s property market has also benefitted from the uptick in conditions with the median house price increasing by 1.9% in the year to June 2019, while the median apartment price has recorded even stronger growth, increasing by 11.7% over the same time. The expected improved conditions in the state economy together with increased capital investment in the area is set to benefit the Subiaco property market going forward.
277 Barker Road is perfectly timed to capitalise on the current strong resurgence of the Subiaco precinct.
For Sale by Expressions of Interest closing 12pm (AWST) Friday 15 November 2019.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com