South Perth site provides huge development potential
A major development site on Mill Point Road could be developed into one of South Perth’s landmark buildings, according to selling agent Knight Frank.
The high profile, 2266 square metre site on the corner of Harper Terrace is metres from the Swan River foreshore and the Kwinana freeway on/off ramp.
Knight Frank director Tony Delich said the site had the potential to be developed into an imposing mixed use or office building with spectacular 360 degree views.
The site is within the South Perth station precinct plan and the council’s Special Design Area which could allow for a potential height density bonus above 12 storeys.
Delich said the City of South Perth was encouraging intensive development of the area to take advantage of its location, as well as good public transport options.
“This entire area will be subject to significant rejuvenation and redevelopment over the next few years with the property directly opposite also being redeveloped,” Delich said.
“With expansive frontage to Mill Point Road and Harper Terrace this site is one of the largest in the area and provides a ‘gateway’ corner location for a spectacular new development.
“Knight Frank recently sold a similar sized site in Richardson Street, South Perth for $4,300 per square metre with the same development options.
“It is currently zoned within the Mends Street sub precinct that allows for office and mixed-use development, but, ultimately, it could serve any number of potential uses.
Delich said a 12 storey building on the site could provide a mix of retail, residential and commercial uses, with the majority of the building offering stunning river views in all directions.
It is currently occupied by a block of 23 two-bedroom apartments that would provide some holding income while development plans are being approved.
Delich said the site was passed by tens of thousands of vehicles each day, ensuring exceptional profile and exposure, as well as excellent accessibility.
The property at 96 Mill Point Road will be sold by Offers-to-Purchase closing on Wednesday, November 20.