Developer buys dilapidated home for apartment tower
The lucky owners of a rundown home – the last privately held riverfront block in South Perth’s Mendes Street precinct – have sold, for $33 million.
The buyer of 9-11 Harper Terrace, on the corner of the Esplanade, Edge Visionary Living, is planning an 11 level apartment building.
Axia Corporate Property’s John Garland and Wayne Mitsikas were the agents.
The seller, an entity, Hanny Properties, directed by Joseph Geha and Hanna Geha, has held since the early 1990s.
Eleven levels set for riverfront site
Edge is planning 71 dwellings – the bulk (49) configured with three bedrooms, with 16 two bedrooms and six four bedrooms.
Also with a gym, pool, two office tenancies, a café and 149 car parks (seven for the commercial tenancies), the end value is speculated will circle $95m.
The site sale price the land at $17,620 per sqm, which Mr Gartland said comes after two sales for comparable blocks in the area, at $12,800 and $13,526.
Unlike those holdings, permissible for five floor buildings, this pocket can accommodate 11 levels.
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