Coles Property Developments has sold a former supermarket and car park earmarked in planning documents to make way for a landmark project.
The $15.5 million price paid for 277 Barker Road, Subiaco, represents “a significant uplift on book value”, according to JLL marketing agents Sean Flynn and Nigel Freshwater.
Following the close of an expressions of interest campaign last November, the agents said 80 enquiries, were received for the 3177 sqm offering, which is adjacent to the Rokeby Road restaurant and retail precinct.
A private developer outbid multiple other suitors, they added.
Subiaco, about four kilometres west of the city, carries a $1.15m median house price – substantially higher than the metropolitan average ($750,750).
Site earmarked for landmark: agents
The Coles offering includes two rectangle shaped blocks, of 2396 sqm and 781 sqm, and is opposite the Farmer Jacks supermarket anchored Crossways Shopping Centre.
The vendor, and its rival Woolworths, trade from elsewhere in the precinct.
Subiaco train station, Subiaco Oval and Subiaco Arts Centre are within walking distance, too (story continues below).
The agents said upon listing 277 Barker Road that numerous development outcomes could be considered – the address having “a favourable planning framework underpinned by council’s Draft Town Planning Scheme No 5 and the Subiaco Activity Centre Plan”.
The current planning regime confers landmark status, they added, “offering a broad range of potential uses including apartments, …retail, restaurants, offices, hotel…and tavern”.
With the plot abutting two public car parks, upper levels of any redevelopment would capture aspect and light.
Elsewhere in the area, off-the-plan apartments are being marketed within Blackburne’s One Subiaco which will replace the Subiaco Pavilion Market site at the south east corner of Rockeby and Roberts roads.
The state government is also leading an urban renewal called Subiaco East, affecting Subiaco Oval, Kitchener Park, Mueller Park, the former Princess Margaret Hospital site and West Leederville train station.
A high-density school – named after Subiaco public secondary student turned prime minister, Bob Hawke – has also just opened in the area.
A second stage, worth $57.6m and which will double capacity of Bob Hawke College to 2000 students, is proposed.