Armadale supersite sells between owners
EXCLUSIVE
An enormous retail complex and gym in Armadale – one of the exclusive precinct’s largest undeveloped sites – has traded between owners after a public marketing campaign.
The 1916 square metre holding, 1216-1230 High Street, also exposed to Willis, was priced at over $26 million – a local record.
The property holds significant high density residential development upside, zoned Commercial 1 with a Design and Development overlay.
It is also a unique commercial investment, with a pool as part of a gym, leased to Goodlife, and four shops.
Cushman & Wakefield’s Oliver Hay, Hamish Burgess, Daniel Wolman and Leon Ma with Teska Carson’s Matthew Feld were the agents; they declined to comment on any part of the campaign.
The vendor, members of the Tauber family, paid $1.6m in 1986.
The deal comes a month since we reported owners of a strata retail and office building at the corner of High St and Huntingtower Rd in the suburb sold to an investor, for $25m.
Lawyer and investor Peter Mitrakas is also spruiking a nearby block – 883-889 High St and 23-27 Osment St – all up covering 1585 sqm – with c$20m price hopes.
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