A private investor has capitalised on a development site in Subiaco, demonstrating the area's "positive market fundamentals". 

JLL’s Head of Sales and Investments (WA), Nigel Freshwater and Director Sean Flynn sold the former supermarket site at 277 Barker Road, Subiaco following a competitive Expressions-of-Interest campaign.

Mr Freshwater said the strong result represented a significant uplift on book value.

"This transaction was achieved through a highly competitive public sale process which generated more than 80 enquiries and multiple bids," he said.

"This can be said to be one of Subiaco’s most coveted and vigorously contested development opportunities.”

At a glance: 

• A 3,177 square metre inner- metro development site in Subiaco, Western Australia has been sold to a private investor for 15.5 million.
• The site benefits from a prominent location adjacent to the bustling Rokeby Road retail and food and beverage strip.
• The transaction was brokered through JLL’s Head of Sales and Investments (WA), Nigel Freshwater and Director Sean Flynn.

Positioned between two large public car parks adjacent to the Farmer Jacks Supermarket anchored Crossways Shopping Centre, the site benefits from a prominent location adjacent to the bustling Rokeby Road retail and food & beverage strip.

The property also possesses a favourable planning framework underpinned by the Subiaco Council’s Draft Local Planning Scheme No. 5 (LPS5) and the Subiaco Activity Centre Plan, which will deliver numerous redevelopment options.

The current planning regime confers landmark status on the site, offering a broad range of potential uses including apartments, fashion retail, restaurants, offices, hotel, serviced apartments, small bars and tavern.

Mr Freshwater said the improving market conditions in Subiaco were evidenced by the commencement of several exciting key projects, including Blackburne’s ONE Subiaco redevelopment on the former Subiaco Pavilion Markets site, the State Governments Subiaco East Redevelopment Project and the newly completed Subiaco XO and Bob Hawke Secondary College.

“The development activity in Subiaco coupled with its undoubtedly positive market fundamentals will allow the buyer to take a strong positioning in a boutique market,” he said.

“Recent developer market sentiment has been firmly in favour of smaller premium quality boutique mixed-use projects.

"Typically, these projects are in high amenity locations with close proximity to dynamic food and beverage options and strong public transport links."

His sentiments were echoed by Mr Flynn, who said Subiaco "fit the bill perfectly" from a demographic perspective.

“The city has a median household income well above the Perth metro average and a median house price over 2.5 times the Perth metro average provides a high level of residential amenity and proximity to the Perth CBD," he said.

"As a result, not only did we receive numerous bids, but those bids reflected a surprising number of exciting potential uses."

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