Richard Noble & Company has successfully secured the sale of a rare 3.03ha parcel of commercial land in Perth’s southern corridor.
The $14 million sale of the Mixed Business site to a local syndicate was an excellent outcome for all parties according to Richard Noble & Company’s Commercial and Valuation Director Patrick Lilburne.
“The price would not have been achievable without the existing development approval (DA) in place for a range of options including offices, showrooms, medical and other uses,” he said.
“Richard Noble’s project management team recently secured the DA through the Joint Development Assessment Panel process and a critical component was successfully securing a safe and efficient access and egress onto Armadale Road.
“Making the site suitable for intensive retail, commercial and/or office development in the future was paramount,” said Mr Lilburne.
“There is no doubt the commercial land market has become more challenging over the past six months and it was important to maintain confidence in the value of this particular site and its long-term potential.”
Located on Armadale Road in the heart of Cockburn Central, ‘Lot 500’ is situated within a highly strategic commercial area with excellent transport links and adjoins the Cockburn Central Train Station.
“The vendors, who had held the land for more than a decade and witnessed the enormous residential and commercial growth in the area, were very pleased with such a good response from local and interstate buyers with significant ambition for the site,” said Mr Lilburne.
Mr Lilburne said the syndicate who had purchased the land was interested in the long-term potential of the site for major development but would likely use the land for office, fast food, large format retail and the like in the shorter term. “This is a very accessible and well-served part of our city where future retail and commercial will do very well,” Mr Lilburne said.
The site has good proximity to the Perth CBD just over 20 kilometres away, immediate access to the Freeway and other arterial roads, and is within walking distance of Cockburn Central Train Station. It is directly opposite the popular Cockburn Gateway Shopping City, the major retail centre and shopping precinct for the region.
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