A private syndicate has made further progress in its plans to develop a commercial precinct in North Perth, following the settlement of the site earmarked for the project. 

Situated at 318-324 Charles Street, the property was transacted for $6.4 million through Alex Gismondi of Transact Capital in a deal negotiated through Private Treaty. 

The showroom/warehouse, which incorporates three lots across 3,620 square metres, has been under contract for the past 12 months while the buyer sought approval for the development of neighbourhood retail hub comprising a full-line supermarket, child care centre, medical centre, pharmacy and supporting retail.

At a glance: 

• A commercial development site at 318-324 Charles Street, North Perth has been sold to a private syndicate for $6.4 million in a deal negotiated by Transact Capital's Alex Gismondi. 
• The site incorporates three adjoining lots across 3,620 square metres. 
• It is set to be transformed into a new neighbourhood retail hub as part of a redevelopment.

Source: Transact Capital

Mr Gismondi told WILLIAMS MEDIA while there had a broad scope of interest in the property, the eventual buyer's reputation for delivering development outcomes was a factor in the final decision.

"The development will be a good upgrade for the community," he said.

Source: Transact Capital

"Charles Street is a thoroughfare as you head north from the city and the site has an abundance of parking, as well as rear access." 

Mr Gismondi noted the sale was part of a re-emergence of demand for Perth metropolitan infill sites.

"Developers are seeing the WA market making progress, despite the disruption of the pandemic," he said.

"We see this an opportunistic time for counter-cyclical developments, where there is a big push for councils to approve projects in order to help the economy."

Click here view the IM for 318-324 Charles Street.

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