Private investor pays $1.3m for prime Highgate residential site

A private investor has beaten several rival bidders to purchase a prime residential site in Perth's Highgate for $1.3 million.

The 71 Mary Street site is located metres away from Hyde Park and Beaufort Street’s popular restaurant precinct and offers the potential for a grouped dwellings development.

The 569 square metre site is currently home to an older-style house.

Selling agent Colliers International’s Aaron Antonas said the prime location and development potential of the site had seen it attract five offers, with the successful bid a cash unconditional offer by a private investor.