Prized Perth beachfront investments hit the market
Two beachfront sites ideal for development have come on the market in Perth - one in Safety Bay and the other in Sorrento.
The Safety Bay 13,130sqm beachfront property, 434 Safety Bay Road (above), is on the market through CBRE’s Michael Milne, Ben Younger and Matthew Elliott via an offers invited process closing 21 September.
The site, on the corner of Safety Bay and Malibu roads, has 80 metres’ frontage to Waikiki Beach and already has a approval for a multi-staged development comprising 190 apartments and more than 2,000sqm of retail and commercial space.
The beachfront position and favourable zoning presented strong opportunities, according to Michael Milne.
“This significant site is suitable for a broad range of mixed-use development options including retail, fast food, hotel, serviced apartments, aged care, and high-rise residential apartments," he said.
“Buyers have the comfort of the recent planning approval which provides for a three stage – seven level project, or can opt for alternative development and subdivision strategies.
The 2,311sqm Sorrento beachfront property, 136 West Coast Drive, (below) is being offered for sale with a long lease to Woolworths Limited trading as BWS, and lease to Italian eatery II Pirata Pizzeria and Cafe. It has an annual income of $221,000 plus outgoings.
The consolidated offering comprises three adjoining properties, with multiple street frontage aspects to West Coast Drive, The Plaza and Cadbury Way.
CBRE selling agents Michael Milne, Ben Younger and Kate Foley hare marketing market the property via an offers invited bidding process closing September 22 on behalf of property development advisory group OP Properties.
Mr Milne said the property was anticipated to generate strong interest from a broad range of buyer groups.
“The strong lease profile coupled with the significant underlying land holding will appeal to investors, land bankers and developer groups which are happy to enjoy a strong income stream,” he said.