Perth is set to experience a revitalisation of its Stirling Street precinct with residential and student accommodation projects in the area complemented by big development site sales.
Colliers International have identified the pocket, north of the train line and between Stirling, Newcastle and Lord streets, as a mixed-use area that was once in decline. Astute buyers have seemingly come to recognise the long-term potential in the up-and-coming part of the city.
The recent sale of three big sites – 30 Beaufort street (9,579sqm), corner of Lord and Newcastle streets (6,368sqm) and the former Sunday Times building (6,085sqm) on Stirling street – has been touted. Colliers International Agency Director Ian Mickle to play an influential role in the area’s makeover.
“Because of their size and ownership, these sites have the capacity to accommodate significant projects that will bring much needed density and commercial activity into this relatively quiet part of Perth,” Mr Mickle said.
“We know a successful mix of residential density and commercial activity lays the foundation for activated streets where businesses can prosper and by those standards, this corner of Perth is moving in the right direction.”
After originally pursuing a twin-towers development at the Beaufort street site, Ghazi Abu Nahl is said to be considering an office, hotel and apartment complex that would also have an 8,000sqm science and innovation centre and 4,000sqm of exhibition space.
The Lord and Newcastle streets site currently has construction underway for a new data centre facility that will help meet growing demand in Perth, and the region, for data storage services.
The former Sunday Times building, which was purchased earlier this year, has also been earmarked for future redevelopment.
“In the short-term there is holding income from the partially leased two-storey office building but with a zoning that allows for a 24,340sqm to 36,500sqm tower and commercial, residential, hotel and retail uses, this former media property has the potential to anchor the city end of Stirling Street,” Mr Mickle said.
Two student accommodation projects, along with several new apartment projects, have opened earlier this year in the Stirling Street precinct.
Campus Perth, at 80 Stirling Street, presents an 11-storey building, accommodating 700 student beds. The Boulevard, at 89 Stirling Street, is a purpose-built student accommodation project with 571 beds in a 23-storey development.