First National Real Estate Busselton are pleased to offer to the market 61 West Street and 4 Prince Street Busselton. Rarely do TWO adjoining development sites become available, with this offering also featuring holding income.
The subject site is located within the Busselton City Centre, and directly opposite the recently refurbished Busselton Central retail shopping centre which has become the centrepiece for retail and hospitality offering within the City centre.
The subject properties are positioned at the corner of West Street and Prince Street and feature a combined massive street frontage of 80.1 metres. Overall the offering comprises a total of 1948m2, across the two contiguous lots measured as follows:
• Lot 1 (No 61.) West Street - 1146m2
• Lot 17 (No 4.) Prince Street - 802m2
The subject properties are zoned ‘Regional Centre – ‘R-AC3’ under the City of Busselton Local Planning Scheme No. 21. The subject site is also further identified within the ‘Busselton Precinct – DCA1’ and ‘Drive Through Facility Control – Special Control Area’.
In line with the zoning and subject to formal approvals being obtained, the property would be suitable for medium to high-density, mixed use urban centre high-rise development, across several levels. The local planning scheme encourages mixed-use development such as ground floor restaurant/café, tavern, medical, retail, office, and a residential component on upper floors. It would also be worthwhile investigating development for short stay or tourism use to cater to this booming market.
Given the location of the site within the heart of the City centre, it is considered that a mixed-use development with a short stay offering would benefit from the strong tourism and population growth statistics. This represents a unique development opportunity to create a showcase development within the heart of the City of Busselton.
61 West Street is currently leased until 15 January 2027 with a current net rent of $68,458 plus gst and recovery of commercial outgoings. It is considered this substantial holding income is an asset whilst planning approvals are sought for redevelopment of the site.
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