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Overview
This rare and strategically located development site offers a compelling opportunity for developers aiming to capitalize on East Perth's growth and dynamic residential market. Comprising two adjoining properties at 78 and 80 Bennett Street, the combined land area spans a substantial 895 square metres. This sizable corner parcel is zoned Residential R160, allowing for high-density, multi-level residential development, ideal for maximizing the potential of this prominent location.
Uniquely positioned on a commanding corner at the intersection of Bennett and Wellington Streets, the site benefits from three street frontages: Bennett Street, Wellington Street, and Maggs Lane. This configuration affords exceptional design flexibility, multiple access points, and enhanced exposure which are critical attributes in urban development projects. Directly opposite the expansive Wellington Square parklands, the location offers residents immediate access to green open space, greatly enhancing the lifestyle appeal.
The property's existing tenanted status with periodic leases provides a steady rental income, reflecting its desirability and potential for investors to generate revenue during the planning and development phase. Surrounding amenities include the vibrant Royal Street retail precinct, prestigious educational institutions such as Trinity College and the Central Institute of Technology, and key medical facilities including Royal Perth Hospital.
Importantly, the site boasts outstanding connectivity, with high-frequency CAT bus services and nearby Claisebrook Train Station facilitating easy access to the broader Perth metropolitan area. Proximity to major transport arteries such as The Causeway and Graham Farmer Freeway further enhances accessibility, adding to the site's overall appeal.
Offered on an 'as is, where is' basis, this landmark corner site represents an unmatched opportunity for astute developers to deliver a landmark residential project that capitalizes on East Perth's lifestyle, amenity, and connectivity advantages.
Local Market Insights
In Perth, Quiet Listings observed 2 new parcels of land entering the market over the last 30 days, up from 1 during the previous 30-day period, with an average advertised asking price of $1,150,000. The property type mix of listed properties is predominantly Apartments at 71%, followed by units (8%), and commercial properties (7%). The only agency with for land listings currently monitored in the Perth area is Heritage Realty. These insights are based on agencies currently monitored by Quiet Listings and are updated as the local market changes.
While every effort is made to ensure the accuracy and completeness of the property information provided, no guarantee is given. Buyers should independently verify all details, inclusions, availability, pricing, and other relevant information directly with the listing agent before relying on this information.
Location
Perth WA 6000
Market Insights for Perth WA 6000
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