Scarborough Beach site with mixed-use potential on the market
A one hectare beachside development site at Scarborough Beach, around 13 kms from Perth’s CBD, has been taken to the market through JLL.
The 242 West Coast Highway holding is the largest development site currently on offer within the Scarborough Redevelopment Area - one of the largest high density mixed-use sites to be offered in the Perth metropolitan area in recent times.
The 10,165sqm White Sands Tavern site, close to Scarborough and Brighton Beach foreshore, is being offered through a JLL expressions of interest campaign.
Scarborough Beach is undergoing a $57.4 million redevelopment which will see beachfront upgrades and several high-end multi-storey apartment projects coming up.
The existing 2,892sqm (NLA) two-level building generates an annual gross income of about $212,490 plus GST.
The campaign follows the sale of the neighbouring 17,695sqm Luna Maxi site in December.
JLL’s Nigel Freshwater, Phillip Fogliani and Sean Flynn are handling the campaign.
"Combined with its dual frontage to West Coast Highway and Hastings Street to the east, the scale of offering will significantly enhance site circulation, flexibility of development and potential to achieve maximum building height,” said Freshwater.
Scarborough and Brighton are rated amongst Australia's top beaches, he added.
Fogliani said that proposed development guidelines allow a base building height of 12 storeys, which can be increased to 18, over the majority of the site and generous site coverage of up to 80 per cent.
"Existing improvements comprise a 1,438 sqm upper level which is sublet to a gymnasium operator, while the 1,114sqm ground floor incorporates a licenced bar and TAB betting area, drive-through bottle shop, conveniences and tavern infrastructure facilities,” Flynn said.
The lease, with redevelopment clause, will expire in July 2017 with a five-year option.
The EoI for the White Sands Tavern site closes on March 17.
The site last traded for $20 million in 2010 having gone backwards from it's 2007 trade of $21.5 million.