JLL’s Head of Sales and Investments-(WA), Nigel Freshwater and Director, Sean Flynn...
...have been appointed to sell a significant mixed-use development site on Oxford Street in Leederville, recently listed on the DevelopmentReady portal. Comprising over 2,000sqm across four contiguous lots, this substantial aggregation of land delivers significant development potential, excellent surrounding amenity and valuable holding income.
The prominent corner location benefits from dual street frontages to Oxford Street and Marian Street and is located only 3kms* north-west of the Perth CBD. The combined site is zoned for a potential mixed-use development up to four storeys (STCA) and provides for a wide range of attractive uses including; apartments, office, medical, shop, restaurant/cafe, small bar & child care (STCA).
The location is enhanced by convenient access to a wide range of restaurants, bars and cafes together with numerous service retailers, consultants and public transport, being only a short walk from both the Mount Hawthorn and Leederville retail and food & beverage precincts.
Mr Flynn noted that “Oxford Street is the main arterial route connecting Leederville and Mount Hawthorn and recent mixed-use development along this stretch has seen an aggregation of quality apartment developments with ground floor activation supporting an array of commercial activities.
Mr Freshwater further added that "the new 9,000sqm home to ABN Group is set for completion mid-2021. This development alone is set to be a major catalyst for activation in the centre of Leederville, with the addition of an estimated 1,000 employees significantly increasing daily foot traffic keeping the high streets alive and thriving.”
The Perth residential market is on a recovery trajectory with steady median dwelling prices and a significant uptick in transactions over the past three months. Furthermore, the rental market is enduring a supply shortage, with the residential vacancy rate now under 1%, an all-time low, according to JLL Research
“With housing supply at low levels, especially in the rental market, now is an opportune time for new developments to hit the market and for investors to capture the anticipated upswing in rents,” Mr Freshwater noted.
According to JLL Research, 2019 saw 1,601 apartments complete in inner Perth. Apartment completions for 2020 are expected to total 932 (down 42% on 2019), while for next year, JLL expects only 238 new apartments.
“Western Australia’s population growth estimates over the next five years are positive – with expectations for the second-highest growth rate amongst all states. This will positively impact demand for residential property,” Mr Flynn said.
320-324 Oxford Street & 51 Marian Street, Leederville is for sale by Offers to Purchase, closing on Wednesday 25th of November 2020.