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How much would you pay for this prestigious Perth property?

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A property in Perth that generates annual income in excess of $350,000 per annum has been announced on the market.

The highly sought after site at 11 Melville Parade should appeal to many sharp-eyed investors looking to develop their property development portfolio

Global real estate agency Knight Frank was selected to manage the sale via Directors of Commercial Sales for Perth, Todd Schaffer and Tony Delich,.

The property sprawls over a 2329 square metre site and is located at the western end of the South Perth peninsula near the Old Mill. It presents immense development potential, as it is currently being used for a three-level apartment complex with 24 flats.  

The property overlooks Melville and has ​seaside views. In the west, it looks towards Kings Park.

Mr Schaffer said South Perth boasts several impressive developments like Pinnacle, Civic Heart and Aurelia. These, he said, would bring top notch development to the perfect location. 

"This is a unique, gateway site for South Perth and has the potential to develop something truly spectacular in the short or long term," he added.

The director also said the site could accommodate for another complex, but with lower height and capacity. 

"While it would be limited to a height of 4-5 storeys, its location would give it maximum impact and unparalleled views," he explained.

Mr Delich commented the site is ideally located as it is within walking distance of all the amenities. 

"The existing 24 apartments on the site provide investors with income and security, while taking a longer-term view on development," he said. 

According to Knight Frank, the property will be sold by Offers to Purchase closing on Thursday July 9, 2015.

Date Published: 22 Jun 2015
Category: General News

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