East Perth Riverview site open for local and national developer interest

A development site in East Perth is to get under the hammer at public auction in May with Knight Frank, and it looks set to gather developer interest offering the possibility of unit or townhouse properties.

Sitting on 2,401 square metres, the 44-46 Joel Terrace property is zoned Residential R60 and would see interested developers able to build with river views.

It appears there was an attempt previously to develop the plot, which is in the City of Vincent area, with August 2013 council meeting minutes noting their reconsideration of a proposal to demolish the building on the site and create a 31 apartment, five-storey, project with basement carpark from TPG and James Christou Design Group.

The council, at this time, required more detail. However, it did appear as if the development was looked upon favourably.

Near to parks, river foreshore reserves and a proposed redevelopment of the East Perth Power Station into a mixed-use site, Knight Frank managing director – WA John Corbett, said that this is a unique opportunity.

“The MRA plans to develop the 8.5 hectare power station site to create a unique mix of community and lifestyle opportunities that will activate this part of East Perth as a vibrant and pedestrian-friendly area,” Corbett said.

The site appears to form part of an already established residential precinct, said Knight Frank associate director Todd Schaffer.

“It is possible to walk or bike to the CBD centre along the river foreshore in less than 10 minutes,” Schaffer said.

“Increasingly this is attractive for young professionals and people who work in the city that want convenient access as well as attractive lifestyle amenities.”

Local and national developers are expected to show interest.