A prime CBD development site earmarked for a 30-storey student accommodation tower is coming to market, with Cygnet West appointed as exclusive selling agent.

Located on the corner of Pier and Wellington streets, the historic site was home to Wellington Surplus Stores for 75 years prior to its partial demolition in 2018.

A heritage-listed corner building facade remains on the 1,400sqm plot, which has a development approval in place for a 713-bed student accommodation tower with a gross floor area of 18,500sqm.

If developed to the approved height potential, future occupiers will enjoy Swan River views.

The freehold plot is zoned city centre under City of Perth planning regulations and has no height limit on any potential development.

Cygnet West Commercial Agency Partner Tory Packer will coordinate the sales campaign in collaboration with Commercial Agency Director Henry Vu.

Mr Vu said the site represented an exciting inner-city development opportunity.

“With its close proximity to the proposed Edith Cowan University at Perth City Link, as well as the city’s major public transport infrastructure, 319-335 Wellington Street is an exciting prospect for large-scale developers,” Mr Vu said.

“While the return of international students to Western Australia continues, the approved purpose-built student accommodation tower would also have appeal if converted to a co-living space.”

Co-living is still a fledgling asset class in the Perth residential space, but a previous development indicates the modern communal living concept is in strong demand.

Ms Packer said another Wellington Street tower previously flagged to become student accommodation was converted into a co-living facility known as The Switch earlier this year and is now fully occupied.

“With cost-of-living pressures as high as they are and residential rental vacancies at all-time lows, co-living is emerging as a highly suitable alternative in the current rental market,” Ms Packer said.

The Switch was developed by local firm Stirling Capital before being sold to global real estate investor Nuveen, which is advancing a national portfolio of co-living projects to cater for growing demand from residents.

“Co-living combines the lifestyle benefits and rich amenity of inner-city living with affordable housing and a real community atmosphere.

“It is emerging as a real solution to WA’s rental crisis for young tenants.”

The marketing campaign will be launched on September 14, with expressions of interest to close on October 19.

To request a copy of the Information Memorandum please contact one of the marketing agents Cygnet West Commercial Agency Partner Tory Packer and Commercial Agency Director Henry Vu via the contact details below.