Saracen sheds permit-ready Bunnings site
Saracen Properties has shed a major West Perth site permit-ready for a Bunnings based mixed-use project, planned with the land owner.
The 1.01 hectare amalgamation, 533-545 Newcastle Street, 4-12 Cleaver and 1-7 Old Aberdeen Place, collected $14.5 million from an interstate developer following an expression of interest closing in October.
Expectation was $15-$17m upon listing.
Knight Frank’s Tony Delich and Cory Dell’Olio were the agents.
Permit-ready site
Perth based Saracen, established in 1993 by Luke Saraceni and co-directed with Jason Potalio, won a permit last year to replace the West Perth block with a two level complex anchored to Bunnings, with a café, fast food restaurants, bars, showrooms, a childcare centre and 59 car parks (story continues below).
Also with artist’s studios – it is in the Pickle District art precinct- the end value is speculated would circle $70m.
The project will see the demolition of a Heart for the City church, car dealership, AutoTribe, and the Stala Contemporary Art Gallery.
It would also the Cleaver Street & Co complex, presently configured with co-work spaces, and used for venue hire, too.
Also today, we are reporting a waterfront South Perth apartment development site sold for $21m.
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