647 Wellington Street, Perth WA 6000

This rare 3,371 square metre corner landholding, located at 647 Wellington Street in Perth's CBD, represents an exceptional development opportunity. Offered for the first time in 35 years, the site benefits from a prominent corner position with dual street frontage along Milligan Street and Wellington Street, enhancing both visibility and access.

Strategically positioned opposite the RAC Arena and within walking distance of key transport hubs including Perth Train Station and Perth Busport, as well as the new ECU City Campus, this landmark site is at the heart of one of Perth's fastest evolving precincts. The area is undergoing significant public and private investments, making it highly desirable for diverse redevelopment.

The existing improvements on the site include a fully leased two-storey commercial building occupied by a reputable tenant, Acknowledge Education, providing a substantial holding income while future development plans are formulated. The building has a net lettable area of approximately 2,453 square metres with 20 on-site car bays, offering both income and functional convenience.

• Generous 3,371 sqm CBD corner landholding with dual street frontages
• Current building with 2,452.5 sqm net lettable area and 20 car bays
• Immediate net holding income over $540,000 per annum with growth potential
• Flexible City Centre zoning enabling a broad range of high-density development outcomes
• Base plot ratio of 5:1 with potential for 50% bonus plot ratio through public benefits
• Projected further planning enhancements under the Draft LPS3
• Proximity to major transport and education hubs maximising accessibility
• Conceptual plans indicate potential for approximately 296 residential apartments and active commercial frontages

The site is well suited for a variety of development models including build to rent, build to sell, student accommodation, hotel, co-living or short-stay accommodation, and mixed-use projects. The zoning flexibility and development potential support significant density and diverse uses, reflecting the changing demands of urban living in Perth’s CBD.

This offering is ideal for sophisticated investors and developers looking to capitalize on the evolving Perth CBD market, blending established income with exceptional long-term development potential in a prime location. The sale is handled via offers invited, closing in September 2026, allowing interested parties to explore and negotiate to secure this investment landmark.