West Perth development site in demand
Following on from the recently announced Woolworths acquisition, another prominent West Perth future development site with holding income generates strong interest
PERTH, 26 June 2019 – JLL as exclusive selling agent is proud to bring to the market the Outram Centre, 1297 Hay Street, West Perth. The Outram Centre represents an outstanding opportunity to purchase a 100% freehold interest in one of the most strategic future development sites in the heart of West Perth, located only 1.2km from the Perth CBD.
Selling agents JLL Directors Sean Flynn and Tom Nattrass formally commenced the Expressions of Interest process on the 12th June 2019 and there has been a very strong response from the market with over 50 enquiries being received within the few days of the campaign.
“We weren’t surprised by the initial response given we’re dealing with a solid income producer with undeniably strong redevelopment potential which also sitting on arguably the prime intersection in West Perth” said Mr Flynn.
“We also think the market appreciates the longevity of many of these tenants and the fact that there’s only one vacancy at present” said Mr Nattrass. “A number of tenants in the centre have been here for nearly ten years and in fact a couple, well in excess of 10 years. This suggest to us that even in a difficult market, this location and the tenancy configuration has continuously struck a chord with potential occupiers” he added.
Interest in West Perth for development sites remains high – says JLL Research Manager Ronak Bhimjiani. The lack of well-positioned development sites means that when one is available, enquiry levels are high, in fear of missing out on a good opportunity. Secondly, in a market that is clearly showing signs of recovery, investors are once again keen to invest as they aim to capitalize on an up-tick in future economic conditions.”
1297 Hay Street benefits from a very attractive underlying planning framework which would support the undertaking as a substantial mixed use development on the 1,461sqm corner site. With maximum building height of 45 metres and potential plot ratio of around 3.0:1.0, the redevelopment options are numerous.
The unique combination of the busy retail, food and beverage and office location; exceptional site access afforded by its numerous street and frontages; exceptional access to public transport: proximity to the Perth CBD; and favorable development parameters presents the buyer with a wide variety of development options.
The property is offered For Sale by Expressions of Interest closing 2pm (WST) Thursday 18 July 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 over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.