Developer outlays $21m for waterfront apartment block
An under-utilised apartment block overlooking the Swan River, in South Perth, has traded for $21 million.
A more luxurious residential project is planned following the deal to Jason Paterson’s corporate finance and stockbroking firm, CPS Capital.
Spreading 1636 square metre plot, with five renovated full floor units – a building names Yurunga – and a large open-air car park, the parcel been for sale on and off since 2023.
Cygnet West’s Wayne Lawrence and Tory Packer were the last marketing agents, offering it mid-last year for private sale.
“The current planning parameters allow the site to be redeveloped to accommodate a larger-scale luxury apartment complex with an unbelievable outlook…to the Perth city skyline,” they said.
“The South Perth median unit price for three bedroom apartments increased by over 25pc last year,” according to the agents (story continues below).
Since 2021, the rise has been nearly 50pc, they added.
Also today we are reporting Saracen Properties shed a collection of sites in West Perth’s Pickle District it planned to develop with the land owner.
Permit-ready for a Bunnings based mixed-used project, on 1.01 hectares, it collected $14.5m from an interstate developer.
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