Cannington site with development potential seeks $16m plus
A 2.96-hectare Cannington site adjacent to one of Western Australia’s largest shopping centre, Westfield Carousel, is on the market for over $16 million.
Located on the corner of Carousel Road and Grose Avenue, the site is advertised as being ideal for a mixed-use redevelopment.
Australian-owned furniture manufacturer and wholesaler DIM Furniture currently leases 18,000-square-metre of older style office and warehouse space, returning approximately $1.3 million annual.
DIM hold a lease until June 2015, plus a five-year option.
“The site is zoned commercial but the Town of Cannington has indicated it would ultimately prefer a mixed use development on the site with a combination of commercial and residential components,” says John Corbett Knight Frank managing director.
“There is development potential to five levels based on council design guidelines and it has the potential for significant development density,” says Corbett.
Tom Shaffer of Knight Frank expects interest from a broad range of local and national investors and syndicators and well as overseas buyers.