Developers trade beachfront apartment site
Gary Dempsey has sold a high density residential development site in Perth’s exclusive Scarborough.
The 3549 square metre amalgamation, 202 and 204 The Esplanade, collected $25.5 million.
Via Dempsey Property Group, the vendor bought it in two pieces.
One was formerly owned by Cape Bouvard Developments.
The new owner is Perth developer and financier Blackburne, led by Paul Blackburne.
A luxury project is planned, possibly about 15 levels.
CBRE’s Derek Barlow and Stephen Vitale brokered the deal following an expressions of interest campaign mid-last year.
“One of the largest and most impressive beachfront development parcels on the WA coastline, the property offers panoramic, forever views across the Indian Ocean and down the coastal reserve to Fremantle and beyond,” they said.
Mr Dempsey retains a site three holdings away, on the corner of Brighton Road, recently approved for a 12 storey apartment project.
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