Savills agents Barney Dear and Chas Moore negotiated the deal following a swift Expressions of Interest campaign that received numerous enquiries from local and national developers and investors, resulting in a land rate of $3,830 per sqm.
240 Adelaide Terrace comprises a vacant 62 room freehold accommodation facility spread across a 2 level building fronting Adelaide Terrace and a 3 level building at the rear of the site. The rooms range from single rooms with shared facilities such as an Internet lounge, TV lounge, external courtyard and landscaped backyard, along with studio rooms. The property has 24 on-site car bays with access from Adelaide Terrace.
Mr Dear said ASX-Listed Finbar was attracted to the site’s strong development prospects given its location and scale.
“240 Adelaide Terrace is zoned for Office/Residential, and has a 4.0: 1.0 Plot Ratio allowing Finbar to deliver yet another premium mixed-use project in the Perth CBD.”
Finbar has long since paved the way for major upscale, yet affordable mixed-use residential projects in Perth, having recently completed their nearby renowned Vue and Concerto developments on Adelaide Terrace.
240 Adelaide Terrace will be Finbar’s fourth development in the CBD in 12 months. The site is part of Perth’s tightly held Adelaide Precinct, set to undergo significant residential and office growth amid Perth’s reviving residential market, and is within walking distance of cafes, theatres, local landmarks, and public transport, including Elizabeth Quay, Brookfield Place, Hibernian Place, Perth Train Station, and McIver Train Station.
“The McGowan Government recently announced two years of stamp duty relief for off-the-plan purchasers, which will be a welcome shot in the arm for Perth’s apartment market,” said Mr Dear.
Mr Moore said, “The opportunity to secure an Office/Residential zoned landholding of this size in such a prime location is becoming exceedingly rare, and we’re proud to have secured such a strong result for the client.”
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