Woolworths’ development and construction arm, Fabcot, has purchased the former Princess Margaret Hospital car park in Perth for $12.375 million

The sale reflects a rate of approximately $2,135 per square metre for what was the largest infill release in Perth’s city fringe in several years.

LJ Hooker Commercial Perth’s Brian Neo and Vincent Siciliano managed the marketing campaign on behalf of the State Government.

Whilst plans for the site are not developed, the parcel is zoned for mixed use.

At a glance:

• The former Princess Margaret Hospital car park has been sold to Woolworths for $12.375 million.
• The sale reflects a rate of $2,135 per square metre.
• LJ Hooker Commercial Perth’s Brian Neo and Vincent Siciliano managed the marketing campaign on behalf of the State Government.

The 5,666 square metre West Perth site held approval for three separate lots, However, because of the rare scale of the city fringe development site - with frontages to Cook, Murray and Thomas streets - the sales campaign was dominated by enquiries for the englobo offering.

Mr Neo said the nature of the site was always going to attract widespread interest.

“The market hasn’t been presented with many prominent infill, fringe development sites in recent years," he said.

"Subsequently, the campaign received enquiry from local, interstate and overseas companies from USA, Singapore and Malaysia.

“Being on the edge of the Subi East Redevelopment Area, the State Government was naturally looking for a purchaser that was able to deliver consistent amenity across more than 5,000sqm and integrate the site with the rest of the precinct."

A pedestrian underpass which was formerly used by specialists to access the hospital from the car park site will be retained in any development.

Mr Siciliano said securing 54 enquiries during the marketing campaign displayed the growing confidence in the Perth marketplace.

“The response to the campaign underscored the unique opportunity that the site and its proximity to the Subi East Redevelopment Area presented. It will be a pivotal project for Perth’s inner-city,” said Mr Siciliano.

“But the response also illustrates the return of confidence in the city from the development community.”  

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