A strategically positioned development opportunity in Perth's sought-after CBD west-end has been brought to market, offering investors a combined 2,409sqm landholding with exceptional redevelopment potential and immediate holding income.
JLL’s Nigel Freshwater and Sean Flynn together with Ray White Commercial’s Brett Wilkins and Andrew Woodley Page, have been appointed joint exclusivity selling agents for 1000 Hay Street & 2-14 Elder Street.
The property's dual street frontage provides delivers outstanding exposure and flexibility for significant future development, while existing retail showroom and warehouse improvements provide strong interim income.
Located at the junction of Hay Street and Elder Street on the western edge of Perth's CBD, the site benefits from excellent connectivity to the CBD core, Freeway, West Perth, Elizabeth Quay, RAC Arena, and Kings Park. The surrounding precinct accommodates a dynamic mix of commercial, residential, retail, and hospitality uses.
"The Hay and Elder Street offering represents one of the most compelling development opportunities of scale in Perth's CBD west-end, combining strategic location with exceptional development flexibility," said Nigel Freshwater, Senior Director Capital Markets at JLL. "The site's dual street frontage and significant landholding provide developers with scale and positioning to create something truly transformational."
Currently zoned 'City Centre' under the City of Perth Planning Scheme No.2, the site supports development up to 18,083sqm of gross floor area. Under Draft Local Planning Scheme No.3, development potential expands to 28,932sqm of gross floor area, subject to approvals.
The flexible zoning framework supports diverse potential uses including build-to-sell apartments, hotel accommodation, student housing, build-to-rent apartments, office development, and ground floor retail activation.
Brett Wilkins, Director of Capital Markets at Ray White Commercial, emphasised the outstanding investment appeal: "What sets this opportunity apart is the combination of immediate holding income from quality existing improvements and flexibility to unlock significant value through strategic redevelopment. Investors can secure a premium CBD landholding while benefiting from instant cash flow."
The existing improvements includes a two-storey retail showroom constructed (circa 1929) providing 970sqm of commercial space, and a high-bay warehouse (circa 1948) offering 600sqm of floor area with additional warehouse and parking facilities.
“Perth's commercial market is experiencing renewed confidence supported by Western Australia's robust economic performance,” Mr Freshwater added. “The state continues to deliver Gross State Product per capita over 64% above its nearest rivals while maintaining AAA credit ratings.”
Strong population drivers, including positive migration trends and unemployment at 4.2%, are creating unprecedented demand for quality accommodation and commercial space across all sectors.
The 100% freehold interest is being offered for sale together or separately via Expressions of Interest, closing Wednesday, 19 November 2025 at 2 pm (AWST).
