A vacant hotel on a 1697 square metre Perth CBD plot has sold to Western Australia’s largest apartment developer, Finbar, for $6.5 million.
It is the ASX-listed builder’s fourth block acquisition in the city this year, and comes as agents say the local residential market is beginning to regain some momentum.
The property at 240 Adelaide Terrace (pictured above and below) includes a three-level building with 62 suites, an internet lounge, courtyard, landscaped backyard and 24 car parks.
The sale price values every square metre of land at $3830.
Mr Dear said Finbar was attracted to the site’s strong development prospects “given its location and scale”.
It is zoned for office and residential development – the 4:1 plot ratio allowing for a high-density project, the agents added.
Finbar is expected to replace it with a premium-grade mixed use complex.
“Finbar has long since paved the way for major upscale, yet affordable mixed-use residential projects in Perth, having recently completed their nearby renowned Vue and Concerto developments on Adelaide Terrace,” Mr Dear said.
“The site is part of Perth’s tightly held Adelaide Precinct, set to undergo significant residential and office growth amid Perth’s reviving residential market, and is within walking distance of cafes, theatres, local landmarks and public transport, including Elizabeth Quay, Brookfield Place, Hibernian Place, Perth train station and McIver train station.
“The McGowan government recently announced two years of stamp duty relief for off-the-plan purchasers, which will be a welcome shot in the arm for Perth’s apartment market,” said Mr Dear.
Mr Moore added that “the opportunity to secure an office/residential zoned landholding of this size in such a prime location is becoming exceedingly rare” and it is “proud to have secured such a strong result for the client.”