One of the last opportunities to buy an old apartment block on the South Perth foreshore has hit the market and is expected to fetch around $25 million. Owned by a private Chinese business family, the 1730sqm property along South Perth Esplanade is currently occupied by a three-level, six-unit apartment block that’s around 60 years old, with 28 metres of frontage to the Swan River. The 1730 square metre site is zoned for a five-level residential development.
Knight Frank agent Jonathan Wong said the property’s location in a prime riverfront location made it suitable for a premium residential development. This waterfront property is expected to fetch around $25 million. Credit: Knight Frank “We have fielded strong interest for the site to date from buyers looking to secure a prime piece of real estate on Perth’s Swan River,” he said.
“The site is particularly suitable for a premium residential development, being situated in an affluent city fringe suburb and surrounded by luxury apartments. “It also has uninterrupted and stunning views of the Perth CBD across the Swan River, as well as Kings Park.” Real estate agent Cory Dell’Olio said the property offered buyers the opportunity to capitalise on value and rental growth due to the strength of the residential market, with strong demand for more housing.
“Over the past year, Perth has maintained its position as the strongest market in the country for value growth,” he said. “Increased migration and a stron.