Seven Entertainment banks $25m for CBD site
Seven Group Holdings has sold a central Perth development site for $25 million.
The 3,334 square metre parcel, known as KS6 at 18–28 Telethon Avenue (pictured, top, Google Street View), within the Kings Square precinct of Perth City Link, has been acquired by local developer Sirona Urban.
A 33-storey student accommodation tower is planned with 854 beds, including 454 self-contained studios and 56 shared-living units.
Seven studios will be designed to meet Disability Discrimination Act requirements while 344 beds are to be delivered in twin-share configurations.
Plans also include two ground-floor commercial tenancies, a gym, yoga studio, cinema and communal dining areas.
There will be 162 bicycle bays too but just four car parks.
The end value is put at c$170m.
Another network site sold
Seven Entertainment, a subsidiary of SGH, held the Telethon Avenue property as a development asset (continues below).
The network was 11 years ago approved for two towers rising 48 and 42 storeys, with a combined 563 apartments.
The land was listed for sale in early 2023.
A different agent, Lease Equity’s Jim Tsagalis, got the deal over the line.
The site is adjacent to the new Edith Cowan University city campus and close to RAC Arena.
Perth City Link is expected to deliver about 1,650 new dwellings.
The sale also follows developer Nigel Satterley securing the final two significant sites within the Dianella Broadcast Precinct — formerly home to Channels 7, 9 and 10 — for a combined $48.5m, paving the way for a major residential redevelopment.
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